On Holding AG Business Summary

On Holding AG (ONON) is a premium global sportswear brand that generates revenue through the design and sale of high-performance footwear, apparel, and accessories. The company operates a dual-channel distribution model comprising a high-growth Direct-to-Consumer (DTC) segment—encompassing its e-commerce platform and a rapidly expanding global network of flagship retail stores—and a robust Wholesale channel through premium specialty partners. As of early 2026, On has successfully diversified its revenue streams, with its apparel category achieving triple-digit growth in key regions like Asia-Pacific, while its core footwear business remains anchored by proprietary technologies such as CloudTec and LightSpray. Positioned as a high-performance challenger in the athletic market, On competes directly with industry incumbents Nike and Adidas, as well as specialized peers like Hoka (Deckers Brands) and Lululemon, distinguishing itself through a luxury-performance aesthetic and industry-leading gross margins exceeding 65%. The company was founded in 2010 by former professional triathlete Olivier Bernhard alongside partners David Allemann and Caspar Coppetti, who combined athletic expertise with brand strategy to scale the Swiss-engineered brand. Following a leadership evolution in July 2025, the company transitioned to a single-CEO structure led by Martin Hoffmann, who currently serves as sole CEO and acting CFO (with Frank Sluis slated to assume the CFO role in May 2026). The executive team is further bolstered by Chief Innovation Officer Scott Maguire, formerly of Dyson and Specialized, and Chief People Officer Katarina Berg, previously of Spotify. On’s board and investor base are notably high-profile, featuring tennis legend Roger Federer as a significant co-entrepreneur and shareholder, alongside independent board member Helena Helmersson, the former CEO of H&M Group.