On (company)

Swiss athletic shoe and sportswear company

On Holding AG

Company type| Public

Traded as

| NYSE: ONON
Industry|

* Sportswear
* Sports equipment

Founded| 2010; 15 years ago (2010)
Founders|

* Olivier Bernhard
* David Allemann
* Caspar Coppetti

Headquarters| Zürich, Switzerland

Area served

| Worldwide
Products| Athletic shoes
Revenue|  CHF 2.32 billion (2024)

Operating income

|  CHF 212 million (2024)

Net income

|  CHF 242 million (2024)
Total assets|  CHF 2.38 billion (2024)
Total equity|  CHF 1.39 billion (2024)

Number of employees

| 3,254 (2024)
Parent| On Holding AG
Website| on.com
Footnotes / references
[1]

On Holding AG is a Swiss athletic shoe and performance sportswear company that designs and markets sports clothing and running shoes.

In 2019, the company held 40% of the running shoe market in Switzerland and 10% in Germany.[2] As of 2020, On products were sold in 6,000 retailers in 55 countries; the United States was its biggest single market, where it accounted for 6.6% of the performance running shoe category in the United States.[3] Globally, On is estimated to have 2% of the athletic footwear market.[4]

From January 2021 to March 2025, Marc Maurer[5] and Martin Hoffmann[6] jointly held the position of Co-Chief Executive Officers (Co-CEOs). Effective April 2025, Martin Hoffmann has assumed the sole CEO role following the departure of Marc Maurer.[7] Martin Hoffmann held the role of Chief Financial Officer since joining the company in 2013.[8] The company's founders remain actively involved: David Allemann and Caspar Coppetti serve as Executive Co-Chairmen. Olivier Bernhard focuses on product and innovation. In 2024, On reported sales of CHF 2.32 billion, marking a 29.4% increase compared to the previous year. The company's profit rose by 204.5% to CHF 242.3 million during the same period.[9]

## History

[edit]

On was first incorporated as a sporting goods company in 2010. The company was founded by former Swiss Ironman champion Olivier Bernhard with David Allemann and Caspar Coppetti. In 2012, On released the Cloudracer, a performance shoe favoured by Swiss professional triathlete Nicola Spirig.[10] The company claims a proprietary cushioning technology called CloudTec in its shoes.[11]

CloudTec began with Bernhard experimenting with a garden hose, exploring how that shape could offer a brand new type of cushioning. Bernhard, who was a Nike athlete at the time, presented his prototype to Nike but had it rejected. The "clouds" underneath all On shoes are described by the manufacturer as offering cushioning as the foot lands on the floor, before locking together to create a solid foundation for pushing off on the next step.[12]

### Cloudboom

[edit]

The Cloudboom Strike LS is a performance running shoe launched for the 2024 Olympic Games. It uses an upper construction method in which a single, continuous filament of synthetic material is robotically deposited to create a lightweight and form-fitting upper. Weighing only 6 ounces (5.5 ozt; 170 g; 2,600 gr), the shoe is comparable in weight to the Nike ZoomX Streakfly.

This upper construction reduces the shoe's required components from 150-200 to seven. The shoe is also promoted for its reduced environmental impact through minimized waste and potential for on-demand manufacturing.[13]

## Shareholders

[edit]

Swiss Tennis professional Roger Federer became a shareholder in On AG in November 2019. The company released a limited edition lifestyle shoe named “The Roger” in July 2020.[14] Based on sales growth the company was reported to be exploring IPO options for the latter half of 2021.[11][15] In September 2021, the company's IPO raised approximately $746 million.[16]

Since 2021, On stocks are listed.[17]

## Operations

[edit]

A pair of On Cloud running shoes, depicting the Flag of Switzerland at the heels

On also founded and sponsors the professional running group, On Athletics Club, coached by Dathan Ritzenhein with a roster that contains multiple Olympic finalists.[18] The company also built bobsleigh shoes that were used in the 2022 Winter Olympics.[19]

Currently, David Kilgore, an American professional runner and record holder, competes and works for On Running.[20][21]

On March 31, 2022, On launched the Cloudmonster. It deviates from the company's previous designs by having a larger sole. Jacob Gallagher of The Wall Street Journal described it as "a maximalist sneaker" and claimed that this design is primarily associated with Hoka One One, and called Hoka One One "one of On's main competitors in the specialized running market".[22]

In March 2023, On announced its sponsorship of number one women's tennis player Iga Świątek[23] and men's tennis players Ben Shelton and João Fonseca.[24] In June 2024 On signed a new partnership with the young Italian man tennis player Flavio Cobolli.

The production of On shoes has been moved from China to Indonesia and Vietnam.[25]

## References

[edit]

1. ^ "On Holding AG 2024 Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. 2025-03-04.
2. ^ Plüss, Jessica. "The making of a Swiss footwear multinationaL". Retrieved 9 June 2021.
3. ^ Badenhausen, Kurt (6 July 2020). "Roger Federer Launches First Lifestyle Sneaker With Swiss Running Brand On". Forbes. Retrieved 9 June 2021.
4. ^ "The Swiss Sneaker Brand Outrunning Nike and Adidas". Bloomberg.com. 2025-01-15. Retrieved 2025-01-16.
5. ^ "On - Governance - Board of Directors - Person Details". investors.on-running.com. Retrieved 2025-03-16.
6. ^ "On - Governance - Board of Directors - Person Details". investors.on-running.com. Retrieved 2025-03-16.
7. ^ "On Announces Leadership Evolution". investors.on-running.com. Retrieved 2025-04-02.
8. ^ "On - Governance". investors.on-running.com. Retrieved 2025-03-16.
9. ^ "On Running Triples Net Profit in 2024 Exceeding $2.6 Billion USD in Sales". Hypebeast. 2025-03-04. Retrieved 2025-03-16.
10. ^ Charboneau, Michael. "The Best On Running Shoes". Runner’s World. Retrieved 9 June 2021.
11. ^ a b Torsoli, Albertina (30 April 2021). "Federer-Backed Shoemaker Said to Eye IPO at $5 Billion Valuation". Bloomberg. Retrieved 9 June 2021.
12. ^ "What the Tech? On's CloudTec Reaches New Heights on the CloudStratus 2". HYPEBEAST. 2021-08-20. Retrieved 2022-05-30.
13. ^ Friedman, Vanessa (2024-07-15). "Is This the Craziest Sneaker You Have Ever Seen?". The New York Times. Archived from the original on 2024-07-16. Retrieved 2024-07-19.
14. ^ Farra, Emily (6 July 2020). "I Hope It's a Shoe You Can Wear Every Day'—Roger Federer Debuts His First Sneaker With Swiss Label On". Vogue. Retrieved 9 June 2021.
15. ^ Schutze, Arno (30 April 2021). "Federer-backed shoe firm ON Running targets autumn IPO -sources". Reuters. Retrieved 9 June 2021.
16. ^ Tse, Crystal (September 14, 2021). "On Running Shoemaker's IPO Beats Target to Raise $746 Million". www.bloomberg.com. Retrieved 2021-12-03.
17. ^ "Börsengang von On: Mehr als eine halbe Milliarde für jeden Gründer". Handelszeitung (in Swiss High German). Retrieved 2025-04-03.
18. ^ "On Gets Into Pro Running In Big Way - Forms Group Featuring Joe Klecker, Dathan Ritzenhein To Coach". LetsRun.com. 2020-08-03. Retrieved 2021-12-03.
19. ^ Sheinin, Dave. "Top gear". Washington Post. Retrieved 2022-03-30.
20. ^ "David Kilgore | On". www.on-running.com. Retrieved 2022-01-25.
21. ^ "How On Is Taking the Running World by Storm". Outside Online. 2021-10-06. Retrieved 2022-01-25.
22. ^ Gallagher, Jacob (2022-03-30). "How On's Running Sneakers Won Over Tech Bros and High Fashion Alike". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-03-30.
23. ^ "Tennis fans react to big news about Iga Swiatek and Roger Federer". Yahoo Sports. 2023-03-21. Retrieved 2024-02-14.
24. ^ Newcomb, Tim (20 March 2023). "On Signs Iga Swiatek And Ben Shelton To Head-To-Toe Tennis Deals". Forbes. Retrieved 14 February 2024.
25. ^ Pagani, Alessia (2020-02-25). "ON Laufschuhe: Aufschwung durch Investor Roger Federer". St. Galler Tagblatt (in German). Retrieved 2025-03-27.

## External links

[edit]

* Official website
* Business data for On Holding AG:

* Google
* Reuters
* SEC filings
* Yahoo!

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