On Running: The Swiss Sneaker Upstart Reaching 3.0 Billion CHF in Revenue in a Decade, Challenging Nike and Adidas with Roger Federer and Kylian Mbappé

Origin

Former Swiss professional triathlete Olivier Bernhard suffered from Achilles tendon and foot injuries due to long-term training, prompting him to create a running shoe that offers 'cushioned landing and springy takeoff.' In 2010, he co-founded On in Zurich with friends David Allemann and Caspar Coppetti. Using sliced Gardena garden hoses glued to the outsole as prototypes, they developed the CloudTec cushioning structure, featuring a differentiated 'running on clouds' underfoot feel that bypassed Nike and Adidas's direct battlefield to carve out a niche in the high-performance running shoe segment.

Milestones

Turning Points

• In 2019, Roger Federer entered as an investor and co-designer, propelling On from the professional running circle into mainstream fashion and the tennis market.
• In 2020, the pandemic forced a DTC transition, and On took the opportunity to rebuild its direct-to-consumer pricing and data capabilities.
• The 2021 NYSE IPO raised funds to support full-category and global expansion, but also brought the company into the capital market jungle of quarterly growth expectations.
• Signing Kylian Mbappé in 2026 to enter football is a high-stakes gamble to leap from premium running shoes to an all-category sports conglomerate.
• The 2026 departure of the CEO and return of the founders marked the company's shift from a professional manager expansion phase to a founder strategic focus phase.

Failures & Pitfalls

• Being cold-shouldered by mainstream channels and growing slowly upon initial entry into the U.S., having to grind it out for years relying on sample mailings and running community word-of-mouth.
• The shutdown of the Vietnamese factory in 2022 led to supply chain ruptures, heavily dragging down growth that year and exposing single-origin manufacturing dependency.
• In Q2 2026, revenue growth dropped to 13.5%, missing market expectations and leading to a downward revision of full-year guidance. The stock price took a hit, proving that high-growth narratives are difficult to sustain.
• Wear rates in elite racing shoe markets such as marathons remain far below Nike, Saucony, and Asics. At the 2025 Shanghai Marathon, its wear rate also lagged behind Nike, Li-Ning, and Adidas, demonstrating tension between professional racing endorsement and mass-market premiumization.

Core Data

• 2025年净销售额：3.014 billion Swiss Francs (based on public data sources, independent review not verified)
• 2026年一季度净销售额：831.9 million Swiss Francs (up 43% year-over-year) (based on public data sources, independent review not verified)
• 2026年二季度净销售额：850.3 million Swiss Francs (up 13.5% year-over-year) (based on public data sources, independent review not verified)
• 2026年一季度毛利率：64.2% (based on public data sources, independent review not verified)
• 2021年上市首日市值：Approximately $7 billion (based on public data sources, independent review not verified)

Competitors / Peers

Main competitors include comprehensive giants Nike and Adidas, as well as specialized running shoe brands. Nike has annual revenue exceeding the $44 billion scale and holds an absolute leading position in both racing shoes and football, with its Beijing Marathon wear rate at 21.3% in 2025, far higher than On's 3.7%. Adidas has rebounded in recent years through retro lines like Samba. In the niche market, HOKA, Saucony, and Asics are stronger in marathon racing shoes, with both Saucony and Asics exceeding 12% wear rates at the Beijing Marathon. On pursues a 'quiet luxury sports' route with higher pricing and gross margins above 64%, coming closer to a Lululemon-style premiumization path, which is the core of its differentiated competition.