A piece of garden hose may seem like an unlikely starting point for a global sportswear company, but that is where the story of Swiss footwear brand On began.
uncertain
story → seem → On
In 2010, retired professional athlete Olivier Bernhard was experimenting with ways to create a running shoe that could deliver a different sensation underfoot.
uncertain
that → experiment → sensation
One of his early prototypes used pieces of garden hose glued to the outsole.
asserted
One → use → outsole
The unusual experiment eventually became the foundation for the technology that helped define On's shoes and, with it, a company that has grown into a multibillion-dollar sportswear business.
asserted
that → become → business
Sixteen years later, On has expanded far beyond its original running focus.
asserted
On → expand → focus
In September 2026, French football superstar Kylian Mbappé ended his long association with Nike and signed with the Swiss company, becoming a global partner and shareholder as On prepares to enter the football market.
asserted
On → end → market
The deal marks a striking new chapter for a company that did not exist until 2010 and whose first breakthrough came from a retired athlete trying to reinvent the running shoe.
asserted
breakthrough → mark → shoe
Before founding On, he had built his career as an elite endurance athlete.
asserted
he → found → athlete
He was a three-time world champion and multiple-time Ironman champion, according to On's corporate history and its SEC filings.
uncertain
He → accord → history
After retiring from competition, he became interested in developing a running shoe that could provide what he described as a new running sensation.
uncertain
he → retire → sensation
The basic idea was to create cushioning that would soften the landing while still allowing a powerful push-off.
asserted
that → create → off
His experiments eventually led to the prototype that used pieces of garden hose attached to the sole.
asserted
that → lead → sole
The concept evolved into On's CloudTec technology, built around hollow elements on the outsole designed to compress on landing and provide a responsive take-off.
asserted
concept → evolve → off
Bernhard's experiments caught the attention of two friends, Caspar Coppetti and David Allemann.
asserted
experiments → catch → friends
The three formally established On in Zurich in January 2010.
asserted
three → establish → January
The company says its early prototypes won the ISPO BrandNew Award in March that year, and its first shoes reached speciality running stores in July 2010.
What began as a small Swiss running-shoe operation was designed from the outset around a simple idea: make running feel different.
The three-founder model
Bernhard brought the athlete's perspective, while Coppetti and Allemann brought experience in branding, marketing and business.
Coppetti had worked in brand strategy and marketing, while Allemann had experience with advertising and consulting before joining On.
asserted
Allemann → say → On
The company's SEC filings identify all three as co-founders and describe their roles in developing the product, brand and business.
asserted
filings → identify → product
The founders initially focused heavily on the running community rather than trying to compete immediately across every sports category.
asserted
founders → focus → category
That strategy helped On establish an identity around performance running while gradually moving into lifestyle and other sporting categories.
asserted
On → help → categories
The company later expanded into apparel and tennis.
asserted
company → expand → apparel
Roger Federer joined On as a co-entrepreneur, taking an equity stake and becoming involved in product development.
asserted
Federer → join → development
His partnership helped give the relatively young brand another connection to elite sport.
asserted
partnership → give → sport
From startup to publicly traded company
On's growth accelerated significantly during the 2010s.
asserted
growth → trade → 2010s
The company expanded internationally and built a direct-to-consumer business alongside its wholesale network.
asserted
company → expand → network
By 2021, On was ready to enter the public markets.
asserted
On → enter → markets
On Holding AG began trading on the New York Stock Exchange in September 2021 under the ticker 'ONON'.
asserted
AG → begin → ticker
Its public listing gave the company access to capital as it continued expanding globally.
asserted
it → give → capital
For 2025, On reported annual net sales of CHF 3.014 billion, up 30% from CHF 2.318 billion in 2024.
asserted
On → report → 2024
Shoes accounted for CHF 2.804 billion of those sales, while apparel generated CHF 169.9 million and accessories contributed CHF 39.6 million.
asserted
accessories → account → million
By September 2026, On's market capitalisation was around $10 billion, depending on the trading day and source.
asserted
capitalisation → depend → day
That makes the company substantially larger than the startup founded by three people in Zurich 16 years earlier.
asserted
company → make → Zurich
Mbappé takes On into football
The latest expansion may be its most ambitious yet.
uncertain
expansion → take → football
On September 18, 2026, Mbappé announced his partnership with On after ending a nearly two-decade relationship with Nike.
asserted
Mbappé → announce → Nike
The French forward joined On as the company prepared to enter football, a market historically dominated by major sportswear companies such as Nike, Adidas and Puma.
asserted
company → join → Nike
On's partnership with Mbappé goes beyond simply putting its logo on an athlete's footwear.
asserted
partnership → go → footwear
According to Andscape, the deal includes equity and gives Mbappé a role in helping develop On's football products and strategy.
uncertain
deal → accord → products
The company has also appointed former France and Arsenal star
Thierry Henry as its director of football.
asserted
company → appoint → football
Mbappé said the attraction was the opportunity to help build something new with the company and contribute his experience to the products being developed.
asserted
attraction → say → products
On is currently developing its first football cleats with Mbappé, Henry and Swiss footballer Sydney Schertenleib.
asserted
On → develop → Mbappé
The company says its football products are expected to become available in 2027.
asserted
products → say → 2027
…and 8 more, not listed.
The Aporia
