On footwear and apparel

On, often referred to as On Running, is a premium Swiss athletic brand that has rapidly ascended to global prominence since its inception in 2010. Founded in Zurich by former Ironman champion Olivier Bernhard alongside David Allemann and Caspar Coppetti, the brand was built on the innovative 'CloudTec' cushioning system, which Bernhard originally conceptualized using a garden hose. The brand's unique design, offering 'cushioned landings and powerful take-offs,' initially faced rejection from major industry incumbents but eventually carved out a significant niche in the performance running market.

While the brand's heart and engineering remain in Switzerland, its manufacturing is globally distributed to meet high demand. The majority of production occurs in Vietnam and Indonesia, leveraging advanced technical facilities for their high-performance uppers and soles. In a significant move toward localized and sustainable manufacturing, On opened a high-tech automated production site in Zurich in 2025 specifically for its 'LightSpray' technology, upping the brand's Swiss-made credentials for specific elite products.

Ownership of the brand transitioned from a private partnership to a public entity with its 2021 IPO on the New York Stock Exchange. Today, On Holding AG operates as an independent public company. While major institutional investors like BlackRock and Fidelity hold significant stakes, the original founders remain deeply involved in the company's strategic and creative leadership, ensuring the brand maintains its premium positioning and innovation-led DNA into 2026 and beyond.