On

What On does

On is a Swiss performance sportswear company founded in Zurich in 2010 by Caspar Coppetti and David Allemann (with Olivier Bernhard). The company designs, manufactures, and sells athletic footwear and apparel targeting performance runners, lifestyle/athleisure consumers, tennis players, and trail/outdoor athletes, monetizing primarily through premium-priced hardware sales (standard shoes $116–$180; LightSpray products up to $280; limited collaborations up to $750). On distributes through a hybrid model combining owned direct-to-consumer channels (e-commerce and 70+ retail stores globally) with wholesale partnerships at Zappos, REI, Nordstrom, Foot Locker, Dick's Sporting Goods, Amazon, and Shoe Palace, with DTC approaching 50% of revenue.

On's product portfolio spans a comprehensive footwear lineup organized by use case — max-cushion (Cloudmonster, 25% of footwear sales), everyday running (Cloud, Cloudswift), road racing (Cloudsurfer, Cloudboom), trail (Cloudrock, Cloudultra), tennis (THE ROGER), and lifestyle (Cloudnova, Cloudtilt) — plus performance apparel featuring proprietary On DryTec, ThermaTec, GuardTec, and SenseTec technologies. Core technical differentiation comes from three pillars: CloudTec cushioning architecture, Helion superfoam chemistry (including Helion HF delivering 20% more energy return), and LightSpray robotic manufacturing — an automated process that sprays TPU filament to create a laceless one-piece upper in approximately three minutes with up to 65% fewer carbon emissions. LightSpray production has scaled via a 32-robot automated factory in Busan, South Korea, opened February 2025, alongside continued production in Zurich.

On operates a premium pricing strategy with full-price selling discipline and generates revenue across global geographies, with Asia-Pacific as the fastest-growing region (96.4% YoY revenue growth to over CHF 500 million in 2025) and the US/Europe as established markets. FY2025 net sales of CHF 3.0 billion (~$3.8 billion) grew 30% YoY with a record 64.2% gross margin and 21.0% adjusted EBITDA margin, supported by a debt-free balance sheet holding over CHF 1 billion in cash. The company is publicly traded on the NYSE (ONON), underwent a co-founder-led CEO transition on May 1, 2026, and is actively expanding into football, apparel, and circular-economy services through the Cyclon platform.

Name

On

Legal name

On AG

Website

https://on-running.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

On is a Swiss premium athletic footwear and apparel brand serving performance runners, tennis players, and lifestyle consumers worldwide through DTC stores, e-commerce, and wholesale channels, differentiated by proprietary CloudTec cushioning, Helion superfoam, and LightSpray robotic manufacturing technology.

Ownership category

akta.pro rank

Product category

Athletic Footwear

NAICS

Footwear Manufacturing (316210), Shoe Retailers (4582), Clothing and Clothing Accessories Retailers (45811), Footwear Merchant Wholesalers (42434)

SIC

Sporting & Athletic Goods, Nec (3949), Retail-Shoe Stores (5661), Retail-Apparel & Accessory Stores (5600)

akta.pro primary industry

Athletic & Performance Footwear (CRAAACAA)

akta.pro secondary industries

Athletic Footwear Manufacturing (Running/Training/Court) (IMAOAIAA), Athletic Footwear & Sport Apparel Retail (CRAMABAC), Performance Footwear (Running, Training, Court) (CRAAAEAI), Soccer/Football Footwear & Apparel Retail (CRAMACAC)

Keywords

• Performance running shoes
• Athletic footwear
• Running apparel
• Sportswear brand
• Running accessories

Headquarters

HQ city

Zürich

HQ country

Switzerland

HQ region

Europe

Offices6 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Footwear Sales: Primary revenue driver from running, trail, tennis, and lifestyle shoes. Core products include Cloudmonster, Cloud, Cloudsurfer, Cloudnova, THE ROGER tennis line. Premium pricing with strong gross margins.
2. Apparel Sales: Growing category with 75%+ constant currency growth. Includes performance apparel, lifestyle wear, tennis apparel. Expanding to 7% of total sales.
3. Direct-to-Consumer (DTC): Growing channel approaching 50% of revenue through owned retail stores and e-commerce. Higher margins than wholesale.
4. Wholesale Distribution: Partnerships with retailers including Zappos, REI, Nordstrom, Foot Locker, Dick's Sporting Goods, Amazon. Lower margin but broader reach.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels6 records

Core offering

On designs, manufactures, and sells premium performance running shoes and athletic apparel, including its flagship Cloudmonster line, CloudTec-cushioned everyday trainers, tennis (THE ROGER) and trail (Cloudultra, Cloudrock) shoes, and a growing apparel category. The company differentiates through proprietary CloudTec cushioning, Helion superfoam midsoles, and LightSpray robotic manufacturing that produces seamless laceless uppers with significantly reduced carbon emissions. Revenue is split between direct-to-consumer channels (approaching 50%) and wholesale partners such as Foot Locker, Dick's Sporting Goods, Nordstrom, REI, and Zappos.

Product overview

On is a Swiss performance running and athletic apparel brand offering a comprehensive portfolio of footwear and apparel products. The core footwear lineup includes distinct shoe lines organized by use case: max-cushion models (Cloudmonster), everyday running (Cloud, Cloudswift), road racing (Cloudsurfer, Cloudboom), trail running (Cloudrock, Cloudultra), tennis (THE ROGER series), and lifestyle (Cloudnova, Cloudtilt). Apparel spans performance running, tennis, training, hiking, and lifestyle categories, featuring proprietary technologies including On DryTec, On ThermaTec, On GuardTec, and On SenseTec. The company differentiates through proprietary technologies including CloudTec cushioning, Helion superfoam, and the innovative LightSpray robotic manufacturing system. On has expanded into lifestyle and fashion collaborations with LOEWE, Erewhon, Kith, and Zendaya. The sustainability platform Cyclon enables product resale and recycling, reflecting circular economy commitments.

Differentiator

Problem solved

Functional benefit

Brands

• Cyclon: Circularity program offering resale, donation and recycling ecosystem for pre-loved On products
• LightSpray
• Cloudnova

Products and services

• Cloudmonster Max-cushion performance running shoe featuring CloudTec Phase midsole technology and Helion superfoam. Flagship model accounting for roughly 25% of On's footwear sales and driving double-digit quarterly growth.
• Cloud Everyday running shoe line offering lightweight cushioning and versatile styling for daily runs and casual wear.
• Cloudsurfer Performance running shoe designed for road running with responsive cushioning and updated CloudTec technology.
• Cloudswift Lightweight running shoe offering everyday running performance with responsive ride and urban styling.
• Cloudnova Lifestyle-focused running shoe combining performance technology with modern aesthetics for all-day wear, including the Cloudnova Moon variant from the Zendaya collaboration.
• THE ROGER Tennis-inspired lifestyle shoe line named after investor Roger Federer, featuring court sports styling with hidden CloudTec technology for everyday wear.
• Cloudrunner Running shoe designed specifically for wide feet with Helion superfoam cushioning, plush mesh tongue, and CloudTec outsole.
• Cloudtilt Premium lifestyle and performance shoe featuring advanced cushioning technology and elevated design aesthetic.
• Cloudboom Performance racing shoe designed for elite competition and fast race times, featuring lightweight construction and energy-return technology.
• Cloud X Versatile running shoe designed for varied workouts and cross-training with multi-directional cushioning.
• Cloudrock Hiking and outdoor shoe combining trail running technology with durable protection for off-road adventures.
• Cloudultra Ultra trail running shoe designed for long-distance off-road racing and endurance events.
• Cloudzone Performance running shoe designed for speed work and interval training with responsive cushioning.
• Performance Apparel

Quantifiable outcome

• 65% fewer carbon emissions during LightSpray manufacturing vs traditional methods
• +5 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature5 records

Partnerships

Nine partnerships are on record, tiered core, minor and flagship.

• ErewhoncoreStrategic or Co-development Partner · 28 May 2026Multi-year partnership spanning product, community, and culture with LA-based premium organic grocer. Launched with Cloudsurfer Max co-branded shoe, apparel collection, and vitamin-loaded recovery juice available at all Erewhon locations. On x Erewhon Wellness Club community initiative.
• KithcoreStrategic or Co-development Partner · 5 March 2026Multi-year partnership launching Spring 2026 collection with two entirely new footwear silhouettes (K-Tech 1 and K-Tech 2) built on On's Cloudswift tooling. Full technical apparel line and accessories priced starting at $190. Includes Kith Run Team NYC running collective.
• StravaminorGTM or Marketing Partner · 1 January 2026Continuation of partnership with For All Mothers+ for 2026 Childcare Grants program. On sponsors 25 U.S.-based mothers with $2,000, apparel and footwear from On, nutrition support from GU Energy Labs, one-year Runna membership, and community access.
• For All Mothers+minorGTM or Marketing Partner · 1 January 2026Partnership to remove barriers keeping moms off the starting line. Program addresses findings from national study showing 83% of parents reported pregnancy or parenthood prevented race participation.
• GU Energy LabsminorGTM or Marketing Partner · 1 January 2026Co-sponsor of 2026 Childcare Grants program alongside On and Strava. Provides nutrition support for 25 U.S.-based mothers receiving grants.
• Fashion for GoodminorStrategic or Co-development Partner · 1 January 2026On joined Fashion for Good's Mass Balance Demonstrator project to implement and scale biomass-attributed PET in textiles. Partners include Bestseller, Beyond Yoga, Paradise Textiles, Indorama Ventures, UPM Biochemicals, and Textile Exchange.
• POST ARCHIVE FACTION (PAF)minorStrategic or Co-development Partner · 1 January 2026Ongoing collaboration featuring Zero 2-in-1 Shorts PAF and other limited edition apparel pieces in the On x PAF collection.
• ZendayaflagshipGTM or Marketing Partner · 1 June 2024Celebrity ambassador partnership generating $1.7 million in media impact value within two days and contributing to 63% sales jump to nearly $22 million for the quarter. First co-created collection launched April 2026 with cinematic campaign by Spike Jonze. Individual brand deals reportedly valued at $5-8 million each.
• LOEWEcoreStrategic or Co-development Partner · 1 January 2022Ongoing collaboration since 2022 with LightSpray Cloudmonster limited-release running shoe. Fuses On's advanced engineering with LOEWE's luxury fashion approach. Collaborative shoe pairs laceless single-piece upper with Cloudmonster Hyper midsole. Cloudsolo and Cloudtilt Hi variations also part of collection.

Scale indicators19 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Saucony: Heritage U.S. performance running brand owned by Wolverine Worldwide, competing with On across road, trail, and racing segments with comparable cushioning platforms (e.g., PWRRUN).
• Nike: Global leader in athletic footwear and apparel, directly competing with On in running, training, tennis, and lifestyle. On is increasingly co-marketed alongside Nike/Jordan at major U.S. retailers such as Shoe Palace.
• Adidas: One of the two dominant global athletic footwear brands, competing head-to-head with On in running, training, and lifestyle. Adidas is also a major football footwear incumbent relevant to On's planned entry into the category.
• Hoka (Deckers Outdoor): Hoka is On's most direct challenger in the premium performance running category, with a similarly cushioning-focused product line and rapid share gains. Both brands compete for the same performance runner and lifestyle buyer.
• New Balance: Major U.S.-headquartered athletic footwear brand with a strong performance running franchise (e.g., Fresh Foam) and a growing lifestyle presence. Directly comparable to On in running, training, and lifestyle retail channels.
• ASICS: Japanese performance running brand with a long-standing reputation in cushioning and gel-based technology (e.g., GEL-Kayano, Nimbus). Competes with On in the same road running and racing channels globally.
• Brooks Running: U.S.-based performance running specialist focused on road and trail running, comparable to On in target customer, technical positioning, and specialty retail distribution.

Broad incumbents

• Puma: Global athletic footwear and apparel company with a broad portfolio spanning running, training, and lifestyle. Less performance-running focused than On, but competes in the same athletic footwear wholesale and lifestyle channels.
• Lululemon: Premium athletic apparel brand that has expanded into footwear (e.g., Blissfeel). Lululemon represents a comparable premium-priced lifestyle/athleisure brand and a key competitor as On scales its apparel business beyond 7% of sales.
• Under Armour: Global athletic apparel and footwear brand with running, training, and lifestyle offerings. Broader and more value-positioned than On, but overlapping in running and athletic apparel retail distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/on_running
• YouTubeyoutube.com/On-Running
• Facebookfacebook.com/onrunning
• LinkedInlinkedin.com/company/on-ag
• Instagraminstagram.com/on
• TikToktiktok.com/@on

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about On