On

On Holding AG, the Swiss performance running shoe and apparel company listed on the New York Stock Exchange under ONON since its September 2021 IPO, has grown from a three-person startup in Zurich into one of the fastest-scaling premium running brands globally in the space of fifteen years. Founders Olivier Bernhard (a former professional duathlete), David Allemann, and Caspar Coppetti launched On in 2010 in Zurich after Bernhard built a prototype of the CloudTec sole system from garden hose material in his living room, designing a shoe that landed softly and pushed off firmly through a patented hollow pod sole construction.

Roger Federer joined as a co-investor and partner in 2019, before the brand’s public listing, contributing capital, advisory input on brand positioning, and a cultural credibility that extended On’s awareness well beyond the core technical running community. On reported net sales of approximately CHF 2.13 billion in fiscal year 2024, an increase of 29.4% year-over-year, one of the highest growth rates in the premium athletic footwear segment. The direct-to-consumer channel, including owned retail and e-commerce, accounts for approximately 38% of net sales, with wholesale accounting for the remainder through running specialty stores, department stores, and broader athletic retail. On’s product range expanded from the original Cloudrunner into tennis shoes (the Roger Federer-associated Roger Pro and Roger Advantage lines), lifestyle footwear (the Cloudmonster, Cloudnova), apparel for running and training, and the Cyclon subscription-based shoe lease program using recyclable materials.

The Malls.com network tracks On at Woodbury Common Premium Outlets in Central Valley as the largest outlet position, alongside Ofer Ramat Aviv Mall and Seven Stars Mall in Herzliya at Class A++ and A levels respectively, Stanford Shopping Center in Palo Alto, Aventura Mall, Fashion Island in Newport Beach, Las Vegas North Premium Outlets, Suburban Square in Ardmore, and The Village at Corte Madera. The US and Israel represent the two tracked markets. On’s directly operated store count globally reached approximately 55 stores by late 2024, with continued opening cadence of 15 to 20 new stores annually.

For mall operators, On is a Class A specialty performance-athletic tenant occupying 1,500 to 3,000 square feet, positioning most naturally in lifestyle centers and premium regional malls adjacent to Lululemon, Vuori, and New Balance rather than within the traditional mass-athletic cluster. The brand’s co-investor Roger Federer’s continued presence in campaigns maintains cross-demographic awareness beyond the core performance-running consumer. Outlet positioning has been strategically selective, with Woodbury Common representing the primary premium US outlet anchor.