 | |
| Company type | Public |
|---|---|
| NYSE: ONON | |
| Industry | |
| Founded | 2010; 15 years ago (2010) |
| Founders |
|
| Headquarters | Zürich, Switzerland |
Area served | Worldwide |
| Products | Athletic shoes |
| Revenue |  CHF 2.32 billion (2024) |
| CHF 212 million (2024) | |
| 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 |
| Footnotes / references [1] | |
On Holding AG is a Swissathletic shoe and performancesportswear company that designs and markets sports clothing and running shoes.[2]
In 2019, the company held 40% of the running shoe market in Switzerland and 10% in Germany.[3] As of 2020[update], 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.[4] Globally, On is estimated to have 2% of the athletic footwear market.[5]
From January 2021 to March 2025, Marc Maurer[6] and Martin Hoffmann[7] jointly served as Co-CEOs until April 2025 when Hoffmann assumed the sole CEO role.[8] Martin Hoffmann held the role of Chief Financial Officer since joining the company in 2013.[9] 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 ofCHF 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.[10]
On was first incorporated as a sporting goods company in 2010. The company was founded by former SwissIronman champion Olivier Bernhard with David Allemann and Caspar Coppetti. In 2012, On released the Cloudracer, a performance shoe favoured by Swiss professional triathleteNicola Spirig.[11] The company claims a proprietary cushioning technology called CloudTec in its shoes.[12]
CloudTec began with Bernhard experimenting with a garden hose, exploring how that shape could offer a brand new type of cushioning. Bernhard, who was aNike 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.[13]
Within 2 years after itsinitial public offering (IPO), On had doubled its revenue to nearly $2 billion.[14]
The Cloudboom Strike LS is a performance running shoe launched for the2024 Olympic Games. It uses an upper construction method in which a single, continuous filament of synthetic material isrobotically 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 theNike ZoomX Streakfly.
This upper construction reduces the shoe's required components from 150-200 to seven. The shoe is also promoted for its reducedenvironmental impact through minimized waste and potential for on-demand manufacturing.[15]
Swiss Tennis professionalRoger Federer became a shareholder in On AG in November 2019. The company released a limited edition lifestyle shoe named “The Roger” in July 2020.[16] Based on sales growth the company was reported to be exploringIPO options for the latter half of 2021.[12][17] In September 2021, the company's IPO raised approximately $746 million.[18]
Since 2021, On is a listed stock on theNYSE.[19]
On also founded and sponsors the professional running group,On Athletics Club, coached byDathan Ritzenhein with a roster that contains multipleOlympic finalists.[20] The company also builtbobsleigh shoes that were used in the2022 Winter Olympics.[21]
Currently, David Kilgore, an American professional runner and record holder, competes and works for On Running.[22][23]
On March 31, 2022, On launched the Cloudmonster. It deviates from the company's previous designs by having a larger sole. Jacob Gallagher ofThe Wall Street Journal described it as "a maximalist sneaker" and claimed that this design is primarily associated withHoka, and called Hoka "one of On's main competitors in the specialized running market".[24]
In March 2023, On announced its sponsorship of number one women's tennis playerIga Świątek[25] and men's tennis playersBen Shelton andJoão Fonseca.[26] In June 2024 On signed a new partnership with the young Italian man tennis playerFlavio Cobolli.
The production of On shoes has been moved from China to Indonesia and Vietnam.[27]
