On
On Holding AG · Switzerland
On is a Swiss premium running shoe and sportswear brand founded in Zurich in 2010 by Olivier Bernhard, David Allemann and Caspar Coppetti. Known for its CloudTec cushioning and backed by Roger Federer, On Holding AG has been listed on the New York Stock Exchange since 2021.
| Founded | 2010, Zurich |
|---|---|
| Founders | Olivier Bernhard, David Allemann, Caspar Coppetti |
| Owner | On Holding AG (NYSE: ONON) |
| Headquarters | Zurich, Switzerland |
| Chief executive | Martin Hoffmann (sole CEO since April 2025) |
| Net sales | 2.32 billion Swiss francs (2024) |
| Website | on.com |
What is On?
On designs performance running shoes, training and outdoor footwear and sportswear. The company, On Holding AG, is based in Zurich and reported net sales of 2.32 billion Swiss francs in 2024. Co-founders David Allemann and Caspar Coppetti serve as executive co-chairmen, while Martin Hoffmann, previously chief financial officer and co-chief executive, has been sole chief executive since April 2025.
History
Former Swiss duathlon world champion Olivier Bernhard developed the idea of a sole made from hollow pods, reportedly by experimenting with pieces of garden hose. Together with David Allemann and Caspar Coppetti he founded On in Zurich in January 2010. Tennis champion Roger Federer became a shareholder in 2019 and partnered on products such as THE ROGER. On listed on the New York Stock Exchange in September 2021.
Products and positioning
- Road and trail running shoes with CloudTec cushioning
- Models such as Cloudmonster and Cloudboom
- Tennis, training and outdoor footwear
- Performance apparel and accessories
On positions itself at the premium end of the running market, combining technical credibility with a clean Swiss design language that also works in lifestyle wear.
Business model and distribution
On started as a wholesale brand sold through specialist running stores, reaching around 6,000 retailers in 55 countries by 2019. It has since built a significant direct-to-consumer business through its own website and stores. At the time of its listing, direct sales accounted for 38 per cent of revenue, according to the Financial Times via Swissinfo.
On and technology
For the 2024 Olympics On released the Cloudboom Strike LS, whose upper is made from a single robotically deposited filament, a manufacturing approach the company presents as a way to simplify production.
Why it matters
On is one of the fastest-growing challengers in sportswear and one of Switzerland's best-known consumer brands. Its rise shows how product innovation, premium pricing and a balanced wholesale and direct model can take share from the established giants.
Frequently asked questions
Who owns On running shoes?
On is owned by On Holding AG, a Zurich-based company listed on the New York Stock Exchange since 2021. Its three co-founders remain involved, and Roger Federer has been a shareholder since 2019.
Where is On from?
On is a Swiss brand founded in Zurich in 2010, where it is still headquartered. Its products are manufactured mainly in Vietnam and Indonesia.
