What is On Holding?
Swiss premium sportswear company behind On running shoes, apparel, accessories, and owned retail/ecommerce.
- Category
- Premium sportswear
- Headquarters
- Zurich, Switzerland
- Founded
- 2010
- Employees
- Nearly 4,000 team members
- Total funding
- Public; IPO raised ~$746M
- Status
- NYSE: ONON; ~$12.9B market cap
What is On Holding?
On Holding is a Swiss premium athletic footwear, apparel, and accessories company best known for On running shoes and CloudTec cushioning.
On designs and sells performance footwear, apparel, and accessories through wholesale partners, owned ecommerce, and owned retail stores. Fiscal 2025 net sales were CHF 3.014 billion, up 30.0% year over year, and Q1 2026 net sales reached CHF 831.9 million, the company's first quarter above CHF 800 million.
The company is premium-positioned rather than value mass market, with high gross margin, selective wholesale expansion, and rising direct-to-consumer mix. DTC net sales were CHF 1.2605 billion in 2025 and CHF 322.3 million in Q1 2026, while wholesale remains the larger channel by sales.
On's brand story is rooted in Swiss engineering, athlete credibility, product design, and global expansion. Seller opportunities follow that operating model: product creation, retail buildout, ecommerce, CRM, wholesale partner service, supply chain, sustainability, demand planning, and regional expansion.
What does On Holding offer?
On sells premium performance footwear, apparel, accessories, owned retail experiences, ecommerce, and wholesale distribution.
- Performance running shoes· Footwear
- Tennis, training, outdoor, and lifestyle footwear· Footwear
- Performance apparel· Apparel
- Accessories· Accessories
- On ecommerce· Direct-to-consumer
- Owned retail stores· Retail
How does On Holding make money?
On makes money by selling footwear, apparel, and accessories through wholesale partners, owned ecommerce, and owned stores.
On's two reporting channels are wholesale and direct-to-consumer. In fiscal 2025, wholesale net sales were CHF 1.7534 billion and DTC net sales were CHF 1.2605 billion; in Q1 2026, wholesale was CHF 509.6 million and DTC was CHF 322.3 million.
Pricing is product and market specific rather than a fixed subscription model. On shoes commonly sit in premium footwear price bands, and the economics depend on gross margin, full-price sell-through, channel mix, inventory, product innovation, regional growth, and owned-retail productivity.
The model is driven by premium brand demand, selective wholesale doors, ecommerce conversion, store openings, athlete/product credibility, supply-chain execution, and operating leverage. Vendors should focus on systems that support global product creation, omnichannel commerce, store operations, inventory accuracy, wholesale service, and customer lifecycle marketing.
Who leads On Holding?
On entered a founder-led co-CEO structure in May 2026, with David Allemann and Caspar Coppetti as co-CEOs and Scott Maguire promoted to President and COO.
- David AllemannCo-founder, Executive Co-Chairman, and Co-CEOCo-founder since 2010; Co-CEO effective May 2026Founder-leader tied to brand, strategy, and long-term stewardship.
- Caspar CoppettiCo-founder, Executive Co-Chairman, and Co-CEOCo-founder since 2010; Co-CEO effective May 2026Founder-leader aligned with execution, brand, and growth strategy.
- Olivier BernhardCo-founder and Executive Board MemberCo-founder since 2010Former professional athlete leading product-performance and athlete engagement initiatives.
- Scott MaguirePresident and Chief Operating OfficerPresident and COO effective May 2026Relevant executive for operational execution across regions, retail, supply chain, and scaling.
How do you contact On Holding's leadership?
On publishes an investor-relations email and support/contact surfaces, but no verified personal executive email pattern was found; use public company channels rather than guessed personal emails.
No verified executive email format; public investor alias is investorrelations@on.com.Sources:On investor resourcesOn support
How is On Holding capitalized?
On is a public NYSE-listed Swiss company; its key financing milestones are early founder growth, Roger Federer's 2019 investment, and a 2021 IPO that raised about $746 million.
On's capital history is public-company oriented rather than a current private funding ladder. The company was founded in 2010, attracted high-profile investment and brand partnership from Roger Federer in 2019, and completed its NYSE IPO in September 2021.
The IPO priced at $24 per share and raised roughly $746 million, giving On public equity currency to fund global expansion. By June 2026, public market sources showed a market cap around $12.9 billion, with investor attention focused on premium growth, gross margin, DTC mix, and founder-led governance.
On's public balance-sheet story is less about debt-fueled acquisition than organic growth. For sellers, that points to budgets in product creation, owned retail, ecommerce, wholesale enablement, data, global supply chain, and regional expansion rather than a VC-funded burn cycle.
How did On Holding get here?
On grew from a Zurich running-shoe startup into a global premium sportswear company through product innovation, athlete partnerships, IPO capital, and DTC expansion.
- 2010On founded in SwitzerlandOlivier Bernhard, David Allemann, and Caspar Coppetti launch the brand around a new running-shoe cushioning concept.
- 2019Roger Federer joins as investor and partnerFederer becomes a high-profile partner, investor, and product collaborator.
- Sep 2021NYSE IPOOn lists under ONON and raises about $746 million.
- 2024CHF 2.32B net salesOn continues fast growth across wholesale and DTC while expanding stores and categories.
- 2025CHF 3.014B net salesOn reports 30.0% net sales growth and nearly 4,000 team members.
- May 2026Founders become co-CEOsDavid Allemann and Caspar Coppetti become co-CEOs, while Scott Maguire becomes President and COO.
Who are On Holding's competitors?
On competes with global athletic footwear and apparel leaders plus premium running specialists.
- NikeGlobal athletic footwear and apparel leader with far larger scale, athlete roster, and distribution.
- AdidasGlobal sportswear competitor with broad footwear, apparel, wholesale, and direct-to-consumer reach.
- HOKAPremium performance running brand under Deckers with strong cushioning and specialty-run channel credibility.
- ASICSPerformance running and sports brand with deep footwear technology heritage.
- Brooks RunningRunning-specialist brand focused on fit, comfort, specialty retail, and performance runners.
- New BalancePremium athletic footwear and apparel company with running, lifestyle, and made-in-USA positioning.
On Holding — frequently asked questions
