On Holding Ag
TypePublic
NYSE: ONON
IndustrySportswear
Sports equipment
Founded2010 (2010)
Founders
  • Olivier Bernhard
  • David Allemann
  • Caspar Coppetti
HeadquartersZurich, Switzerland
Area served
Worldwide
ProductsAthletic shoes
RevenueIncrease CHF 1.22 billion (2022)
Increase CHF 85 million (2022)
Increase CHF 58 million (2022)
Total assetsIncrease CHF 1.38 billion (2022)
Total equityIncrease CHF 970 million (2022)
Number of employees
1,701 (December 2022)
ParentOn Holding AG Edit this on Wikidata
Websiteon.com
Footnotes / references
[1]

On is an athletic shoe and performance sportswear company originating in Switzerland that designs and markets sports clothing and running shoes.

As of 2019 the company held 40% of the running shoe market in Switzerland and 10% in Germany.[2] As of 2020, On products are sold in 6,000 retailers in 55 countries; the United States is its biggest single market, where it accounts for 6.6% of the performance running shoe category in the United States.[3]

History

On was first incorporated as a sporting goods company in 2010. The company was founded by former Swiss Ironman champion Olivier Bernhard in partnership with David Allemann and Caspar Coppetti. In 2012, On released the Cloudracer, a performance footwear product favoured by Swiss professional triathlete and London 2012 Olympic gold medal winner Nicola Spirig.[4] The company claims a proprietary cushioning technology in its shoes as its unique selling point; a patented design called CloudTec.[5]

CloudTec began life 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. Instead teaming up with Allemann and Coppetti to start On. In short, the series of “clouds” that run underneath all On silhouettes offer cushioning as the foot lands on the floor, before locking together to create a solid foundation for pushing off on the next step.[6] "The benefit of it is basically that playing with the structure of it helps you to tune the cushioning for softer landings. As the clouds are compressed in the forefoot it creates a firm and stable platform to push off," explained Edouard Coyon, On's head of footwear product management in an interview with HYPEBEAST.[6]

Shareholders

Swiss Tennis professional Roger Federer became a shareholder in On AG in November 2019. A limited edition lifestyle shoe named “The Roger” was subsequently released by the company in July 2020.[7] Based on recent sales growth the company is reported to be exploring IPO options for the later half of 2021.[5][8] The company's IPO raised approximately $746 million.[9]

Operations

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 than contains multiple Olympic finalists.[10] The company also built bobsleigh shoes that were used in the 2022 Winter Olympics.[11]

Currently, David Kilgore, an American professional runner and record holder, competes and works for On-running.[12][13]

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 largely associated with Hoka One One, and called Hoka One One "one of On's main competitors in the specialized running market".[14]

In March 2023, On announced its sponsorship of number one women's tennis player Iga Świątek and men's tennis player Ben Shelton.

References

  1. ↑ "On Holding Ag 2021 Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. 2022-03-18.
  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. ↑ Charboneau, Michael. "The Best On Running Shoes". Runner’s World. Retrieved 9 June 2021.
  5. 1 2 Torsoli, Albertina (30 April 2021). "Federer-Backed Shoemaker Said to Eye IPO at $5 Billion Valuation". Bloomberg. Retrieved 9 June 2021.
  6. 1 2 "What the Tech? On's CloudTec Reaches New Heights on the CloudStratus 2". HYPEBEAST. 2021-08-20. Retrieved 2022-05-30.
  7. ↑ 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.
  8. ↑ Schutze, Arno (30 April 2021). "Federer-backed shoe firm ON Running targets autumn IPO -sources". Reuters. Retrieved 9 June 2021.
  9. ↑ Tse, Crystal (September 14, 2021). "On Running Shoemaker's IPO Beats Target to Raise $746 Million". www.bloomberg.com. Retrieved 2021-12-03.
  10. ↑ "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.
  11. ↑ Sheinin, Dave. "Top gear". Washington Post. Retrieved 2022-03-30.
  12. ↑ "David Kilgore | On". www.on-running.com. Retrieved 2022-01-25.
  13. ↑ "How On Is Taking the Running World by Storm". Outside Online. 2021-10-06. Retrieved 2022-01-25.
  14. ↑ 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.
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