On (company)

On, sometimes referred to as On Running is an athletic shoe and performance sportswear company originating in Switzerland that designs and markets sports clothing and running shoes.

On Holding Ag
TypePublic
NYSE: ONON
IndustrySportswear
Sports equipment
Founded2010 (2010)
FounderOlivier Bernhard
David Allemann
Caspar Coppetti
HeadquartersZurich, Switzerland
Area served
Worldwide
ProductsAthletic shoes
Revenue US $459 million (2020)
US $-29.7million (2020)
Websiteon-running.com
Footnotes / references
[1]

As of 2019 the company held 40% of the running shoe market in Switzerland and 10% in Germany.[2] As of mid year 2020, On sports footwear was reported to be available in 6,000 retailers in 55 countries worldwide with the United States being its biggest single market. According to market research firm NPD, On owns 6.6% of the performance running shoe category in the United States.[3]

History

On was first incorporated as 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]

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.[6] Based on recent sales growth the company is reported to be exploring IPO options for the later half of 2021.[7][8] The company's IPO raised approximately $746 million.[9]

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]

References
  1. Rossolillo, Nicholas (2021-09-29). "On Running's IPO Was Off to the Races, but Is the Stock a Smart Buy?". The Motley Fool. Retrieved 2021-12-03.
  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. Runner’s World. Retrieved 9 June 2021.
  5. Torsoli, Albertina (30 April 2021). "Federer-Backed Shoemaker Said to Eye IPO at $5 Billion Valuation". Bloomberg. Retrieved 9 June 2021.
  6. 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.
  7. Torsoli, Albertina (30 April 2021). "Federer-Backed Shoemaker Said to Eye IPO at $5 Billion Valuation". Bloomberg. 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.{{cite web}}: CS1 maint: url-status (link)
  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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