On Running at growth inflection
- On Holding, the Swiss maker of On running shoes, is pushing into its next expansion phase after a New York Times profile detailed how it is courting mainstream shoppers without losing performance credibility. - The clearest marker is financial: On topped CHF 3.014 billion in 2025 net sales, up 30%, and said global brand awareness is nearing 30% as it opened nearly 70 company-run stores. - The balancing act comes as founders David Allemann and Caspar Coppetti take over as co-chief executives on May 1, 2026, to steer the next phase. (investors.on-running.com)
On Running is trying to become much bigger without looking less serious to runners. (nytimes.com) The New York Times reported on April 25 that the Swiss brand is at a turning point: it is still selling performance running shoes, but it is also pushing harder into broader lifestyle demand. (nytimes.com) The numbers show why the pressure is rising. On said on March 3 that 2025 net sales reached CHF 3.014 billion, up 30.0% from a year earlier, with cash above CHF 1.0 billion at year-end. (investors.on-running.com) On also said brand awareness is approaching 30%, its own retail fleet is now nearly 70 stores, and apparel plus accessories rose to 7.0% of sales in 2025. (investors.on-running.com) That mix matters because specialty running brands usually build trust with athletes first, then risk diluting that image when they move into malls, fashion partnerships, and higher-volume retail. (nytimes.com) On is trying to avoid that pattern by keeping one foot in elite sport and the other in broader culture. The company has tied itself to athletes and to celebrity partners including Roger Federer and Zendaya. (wwd.com) (time.com) Its product roadmap shows the same split. On told investors it plans to scale its LightSpray technology, keep advancing core running franchises, and keep expanding apparel in 2026. (investors.on-running.com) Management is changing too. On said on March 25 that co-founders David Allemann and Caspar Coppetti will become co-chief executives on May 1, while Scott Maguire becomes president and chief operating officer. (investors.on-running.com) The company framed that shift as preparation for its “next growth phase.” CNBC reported the move came after investors reacted sharply to guidance that sales growth would slow in 2026 from the pace On posted in 2025. (investors.on-running.com) (cnbc.com) On’s own forecast still calls for at least 23% constant-currency sales growth in 2026, which would take reported net sales to at least CHF 3.44 billion at current exchange rates. (investors.on-running.com) That leaves On with a narrow assignment: keep selling a premium running identity while acting like a global sportswear company. The next year should show whether runners and mainstream shoppers both keep buying the same story. (nytimes.com)
