On
Swiss-engineered running shoes. Distinctive CloudTec hollow-pod outsole. Founded by retired professional triathlete and two design-and-marketing co-founders. Zurich, Switzerland.
Status: Watchlist
- Founded
- 2010
- HQ
- Switzerland
- Manufacturing
- Vietnam,South Korea
- Ownership type
- Public
- Parent
- On Holding AG (NYSE: ONON)
- Acquired
- 2021
- Status since
- 2026-04-25
Ownership
Founded 2010 in Zurich by Olivier Bernhard (retired Ironman champion), David Allemann, and Caspar Coppetti. Bootstrapped early years. Roger Federer became a shareholder in November 2019 with an estimated $50M investment. IPO on NYSE September 2021 at a $6.3B valuation, raising ~$746M. As of 2025-2026, market cap reached ~$19-20B. Founders David Allemann and Caspar Coppetti remain Executive Co-Chairmen with voting control via dual-class share structure. CEO Martin Hoffmann (sole CEO since April 2025; was co-CEO with Marc Maurer Jan 2021 to March 2025). Revenue grew from $425M in 2020 to ~$1.8B in 2024.
Why Watchlist
Public company with quarterly growth expectations now embedded. Founder voting control via dual-class shares provides governance ballast. Manufacturing concentrated in Vietnam with FairWear Foundation engagement. Innovation focus (LightSpray, robot factories) is real but creates new product categories like the Cloudmonster Hyper that intentionally do not use replaceable laces — a design choice readers correctly flag as anti-repair. Premium pricing ($150-$250 range) without lifetime warranty or repair program.
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