On Holding (ONON)

The company positions itself at the intersection of performance technology and clean, modern design. Its shoes are recognisable for the segmented sole units that compress on landing and aim to deliver a cushioned but responsive ride. On has also expanded its visibility through elite athletes, professional tennis partnerships, running communities, and a growing presence in everyday premium athleisure. Apparel and accessories are smaller contributors, but they broaden the brand’s relationship with consumers and support its ambition to become a fuller head-to-toe sportswear platform.

On sells through a mix of wholesale partners and direct company-owned channels, including its e-commerce operations and branded stores. This balanced distribution model gives the company access to established retail networks while allowing it to build direct consumer relationships and preserve brand presentation. Its geographic footprint extends to more than 80 countries, with North America representing its largest region, followed by Europe, the Middle East and Africa, and Asia-Pacific. For investors, On’s profile is tied to global sportswear demand, brand momentum, product innovation, and its ability to scale without diluting its premium positioning.