Swiss athletic shoe and performance sportswear company
On Holding AG
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
[
edit
]
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
[
edit
]
Swiss Tennis professional
Roger Federer
became a shareholder in On AG in November 2019. A limited edition lifestyle shoe named “The Roger” was released by the company in July 2020.
[7]
Based on sales growth the company was reported to be exploring
IPO
options for the latter half of 2021.
[5]
[8]
The company's IPO raised approximately $746 million.
[9]
Operations
[
edit
]
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 ?wi?tek
[15]
and men's tennis players
Ben Shelton
and
Joao Fonseca
.
[16]
References
[
edit
]
- ^
"On Holding Ag 2023 Annual Report (Form 20-F)"
.
U.S. Securities and Exchange Commission
. 2024-03-12.
- ^
Pluss, Jessica.
"The making of a Swiss footwear multinationaL"
. Retrieved
9 June
2021
.
- ^
Badenhausen, Kurt (6 July 2020).
"Roger Federer Launches First Lifestyle Sneaker With Swiss Running Brand On"
.
Forbes
. Retrieved
9 June
2021
.
- ^
Charboneau, Michael.
"The Best On Running Shoes"
.
Runner’s World
. Retrieved
9 June
2021
.
- ^
a
b
Torsoli, Albertina (30 April 2021).
"Federer-Backed Shoemaker Said to Eye IPO at $5 Billion Valuation"
. Bloomberg
. Retrieved
9 June
2021
.
- ^
a
b
"What the Tech? On's CloudTec Reaches New Heights on the CloudStratus 2"
.
HYPEBEAST
. 2021-08-20
. Retrieved
2022-05-30
.
- ^
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
.
- ^
Schutze, Arno (30 April 2021).
"Federer-backed shoe firm ON Running targets autumn IPO -sources"
.
Reuters
. Retrieved
9 June
2021
.
- ^
Tse, Crystal (September 14, 2021).
"On Running Shoemaker's IPO Beats Target to Raise $746 Million"
.
www.bloomberg.com
. Retrieved
2021-12-03
.
- ^
"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
.
- ^
Sheinin, Dave.
"Top gear"
.
Washington Post
. Retrieved
2022-03-30
.
- ^
"David Kilgore | On"
.
www.on-running.com
. Retrieved
2022-01-25
.
- ^
"How On Is Taking the Running World by Storm"
.
Outside Online
. 2021-10-06
. Retrieved
2022-01-25
.
- ^
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
.
- ^
"Tennis fans react to big news about Iga Swiatek and Roger Federer"
.
Yahoo Sports
. 2023-03-21
. Retrieved
2024-02-14
.
- ^
Newcomb, Tim (20 March 2023).
"On Signs Iga Swiatek And Ben Shelton To Head-To-Toe Tennis Deals"
.
Forbes
. Retrieved
14 February
2024
.
External links
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