Overview
On Holding AG is a Swiss premium sportswear company that designs and sells footwear, apparel and accessories for running, outdoor, training and tennis, as well as everyday wear. Founded in 2010 in the Swiss Alps, the company’s stated mission is “to ignite the human spirit through movement.” [1][2][3]
On sells in more than 90 countries, with sales organized across the Americas, Europe, the Middle East and Africa, and Asia-Pacific. FY2025 net sales were approximately CHF 3.0 billion, based on reported regional sales, and the company reported a global team of more than 4,000 people in 2025.[1][4][5] [1][2][3][4][4][4][4][5]
Products & services
On Holding AG’s products comprise performance and all-day footwear, apparel and accessories for activities including running, outdoor, training and tennis, as well as everyday use. Named footwear franchises include Cloudsurfer, Cloudtilt and Cloud; official product descriptions highlight Cloudsurfer 2’s CloudTec Phase cushioning for heel-to-toe transitions, Cloudmonster 3’s triple-layer CloudTec cushioning, and Cloudtilt’s CloudTec Phase and Helion superfoam.[2][6][7][8][9]
Apparel includes Performance Running and Performance Training collections, with products such as tops, jackets, shorts and tights; the company says its product verticals are designed to offer head-to-toe looks. Accessories include items such as socks, headwear, gloves, vests, bags, belts and arm sleeves. Technologies used across products include CloudTec, CloudTec Phase, Helion superfoam, Speedboard and LightSpray. On describes LightSpray as a robotic process for making a one-piece upper; the Cloudboom Strike LS, for example, has a 30-gram robot-spun upper and a curved carbon-fiber Speedboard.[10][3][11][12][13][14][15][16]
For 2025, footwear generated CHF 2,804.4 million, or 93.0% of net sales; apparel generated CHF 169.9 million, or 5.6%; and accessories generated CHF 39.6 million, or 1.3%. The company also offers circular-product services through its Cyclon program, including eligible-product trade-in for resale, donation or recycling in the U.S.; its Cyclon subscription has been discontinued.[6][17][18][19] [2][6][10][3][11][20][20][20][20][20][20][7][8][9][12][13][14][15][16][17][18][19]
Geographic presence
In FY2025, On Holding AG generated CHF 3,014.0 million in net sales: 57.7% in the Americas, 25.3% in EMEA and 17.0% in Asia-Pacific. The company identifies the United States, China, Germany, Japan and the United Kingdom among its major markets; its Americas sales activity also includes Canada and Latin America.[4][21][22]
Zurich, Switzerland is the company’s headquarters and innovation-lab location. Other listed regional offices are in Portland and New York, Shanghai, Berlin and London; listed warehouse locations are Atlanta, Los Angeles, Beringen in Belgium and Contern in Luxembourg.[23][24] At December 31, 2025, On reported 67 stores: 14 in the Americas, 10 in Europe, five in Asia-Pacific excluding China, and 38 in China, including Hong Kong.[25][26] [4][21][22][23][24][25][26]
Business segments
On Holding AG reports one operating segment, rather than separate operating segments by product or geography. Its product and regional disclosures are revenue breakdowns, not separately reported business segments.[27]
For Q1 2026, product-group net sales were shoes CHF 763.7 million (about 91.8% of sales), apparel CHF 55.3 million (6.6%), and accessories CHF 12.9 million (1.6%). By geographic market, sales were Americas CHF 450.7 million (54.2%), Europe, Middle East and Africa (EMEA) CHF 207.1 million (24.9%), and Asia-Pacific CHF 174.0 million (20.9%).[28]
For FY2025, the latest full year reported, shoes accounted for about 93.0% of net sales, apparel 5.6%, and accessories 1.3%. The geographic mix was Americas 57.7%, EMEA 25.3%, and Asia-Pacific 17.0%.[29] [30][31][20][4][27][28][29]
Company history
On Holding AG was founded in Switzerland in 2010 by former professional athlete Olivier Bernhard, together with Caspar Coppetti and David Allemann. The founders developed the CloudTec® running-shoe concept, and On launched its first shoe, the Cloudsurfer, that year.[32][33][34] In 2013, the company began expanding in the Asia-Pacific region through e-commerce and wholesale partners.[35]
In 2019, tennis player Roger Federer joined On as an entrepreneur and co-owner, contributing to product development and the brand.[36] On broadened beyond running footwear with an apparel collection in 2020, and opened its first New York City flagship store that December.[37][38] The company completed its initial public offering in September 2021, with shares beginning to trade on the New York Stock Exchange.[39]
On entered the tennis category with footwear and apparel in 2023.[40] In 2025, Martin Hoffmann became sole CEO following Marc Maurer’s departure; that year On also opened a Zurich facility for production using its LightSpray™ technology.[41][42] In 2026, co-founders Caspar Coppetti and David Allemann were appointed co-CEOs, effective May 1, with Hoffmann stepping down as CEO.[43] [32][33][35][41][34][36][37][38][39][40][42][43][34][36][37][38][39][40][42][43]
Sources
- On Holding AG — Full financial report (2025 Y)
- www.on.com[5]
- www.on.com[7]
- www.on.com[8]
- www.on.com[9]
- www.on.com[12]
- www.on.com[13]
- www.on.com[14]
- www.on.com[15]
- www.on.com[16]
- www.on.com[17]
- www.on.com[18]
- www.on.com[19]
- www.sec.gov[27]
- investors.on-running.com[28]
- www.sec.gov[29]
- On Holding AG — Additional data (2026 Q 1)[30][31]
- press.on-running.com[34]
- press.on-running.com[36]
- press.on-running.com[37]
- press.on-running.com[38]
- investors.on-running.com[39]
- press.on-running.com[40]
- press.on-running.com[42]
- investors.on-running.com[43]
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