And that is at the Pinnacle of run culture combining running and unique aesthetics. So we even punched the holes for your start number at the marathon in these pieces and engineered them. When it comes to outdoor, we are continuing with a focus on trail, adding a lot of lightweight models. And then when we come to tennis, you can expect that our collaboration with Roger, but then also with [indiscernible] we learn a lot about shoes and apparel. And we’re adding updates to our performance ranges. So as well in tennis, we built from the very performance core and you will see in [indiscernible] and also at the second generation of the Roger Pro, the pinnacle of our performance tennis shoes.
Operator: And your next question comes from the line of Alex Straton from Morgan Stanley. Your line is open.
Alexandra Straton: Great. Congrats on another wonderful quarter. I’ve got two for you both. Maybe first, just on the market share gains that you mentioned, can you just elaborate on where you’re getting those by geography and channel, maybe with what types of partners and then how you think about who you’re maybe taking share from? Then secondly, it sounds like you view the 150 basis points of adjusted EBITDA margin expansion as the right balance of driving the top line, while also growing profitability. So just looking ahead, is that kind of what you’re targeting on a forward basis or how should we think about kind of expansion from here? Thanks a lot.
Marc Maurer: Hey, Alex, this is Marc. Welcome also to everyone from my side. So On, I think we’re very, very proud that we are taking market share across the board in a heavy promotional environment. So what we observed in Q2 is that quite a few retailers have relatively high inventory levels and that will also continue into Q3. So that has led other brands to need to discount the product and we have stayed very, very premium and at full price, which is then in the end reflected in our gross margin. So we’re really gaining share in all geographies, including EMEA, including Germany, Austria, Switzerland, and we’re doing that in different channels. So obviously, it just started at Dick’s Sporting Goods, for example, and we’re seeing very, very strong sales through, for example, On is the number two running brand in the household sports stores out of the gate, which surprised us very positively.
And we’re also, as Martin already mentioned, for example, Fleet Feet, On is the strongest growing brand. So really happy to see that. And even though wholesale grew so strongly, D2C was able to outpace wholesale growth, which shows the strength of the consumer demand.
Martin Hoffman: Alex, then let me take the EBITDA question. So as you have seen, we had a very strong first half year. We generated 2.5 times more EBITDA than last year. In that there is a lot of operational leverage. In addition, we compensated for around 50 basis points to 100 basis points of FX headwind. But we always said that we are very consciously managing towards the 15% EBITDA. And in a situation like the first quarter, but also now where we are exceeding our expectation on top line, this gives us additional opportunities to invest into the business and as such into the growth into the future. So at the moment, those investments areas are clearly around our commercial capabilities into our D2C and customer data engine.
We are building a retail organization within the organization and then also investment into our tech backend. So our commitment is towards the 15%. And if we achieve higher net sales, then this gives us more opportunities to invest. But it’s very clear also to add this, for the long term we are committed to further increase EBITDA. So the long term guidance that we gave of high teens, that’s still our aspiration.
