Swiss sportswear brand On is experiencing a moment — and it’s not just about stylish sneakers anymore.
With a market valuation nearing $20 billion, On is no longer the scrappy disruptor it once was. It has emerged as a formidable force in performance footwear, trailing only Nike and Adidas in the global hierarchy of publicly traded sportswear companies.
Leadership Evolution at a Key Inflection Point
Come June, Martin Hoffmann will step into the role of sole CEO, following the departure of co-CEO Marc Maurer, who has spent over 14 years shaping the brand’s journey from a startup with experimental prototypes to a global sports icon. Hoffmann, who has been both CFO and co-CEO, will now lead the company solo—bringing both financial sharpness and strategic continuity to the role.
Despite the change, On has signaled no dramatic shifts in direction. The current momentum is strong, and the company’s long-term objectives remain intact.
Record-Breaking Growth & Strategic Confidence
On recently reported a 43% year-over-year increase in revenue for Q1 2025. This marks the second consecutive quarter of outperforming market expectations. The brand has also raised its revenue and profitability projections for the remainder of the year, driven by new partnerships, fresh retail strategies, and bold marketing moves.
Its Super Bowl commercial featuring tennis legend Roger Federer and the beloved Elmo was a pop-culture masterstroke, helping catapult brand awareness to new heights. Federer’s role as both investor and brand ambassador continues to pay dividends.
A Data-Driven, Premium Retail Strategy
Rather than rushing into retail saturation, On is carefully expanding its physical presence with a meticulous real estate approach. With 53 stores worldwide, each location is handpicked—not just by city or neighborhood, but down to the exact street corner. This obsessive placement strategy ensures brand exclusivity while maximizing community engagement.
London is a case in point. One On store sits on upscale Regent Street, while the other thrives in the hip, creative enclave of Spitalfields. Weekly run clubs—some drawing 200+ runners—turn these stores into brand hubs as much as retail outlets.
On also quietly monitors key running routes and events, gathering insights into what athletes are wearing and where the brand needs to penetrate further. The focus so far has been short- and mid-distance runners, but the upcoming launch of On’s “super shoes” aims to court serious marathoners as well.
Winning Over the Next Generation
On’s appeal among younger consumers—particularly Gen Z and millennial athletes—has proven instrumental. Lifestyle influencers like Zendaya have helped position the brand as a lifestyle symbol as much as a performance powerhouse. Combine that with a growing wellness movement among younger demographics, and On finds itself in the sweet spot of fitness and fashion.
Challenges Remain—but So Does Conviction
While On has enjoyed meteoric growth, questions linger. Can it maintain momentum beyond the initial hype cycle? Will its pricing power hold in an uncertain global economy? And how will it weather geopolitical risks like tariffs or supply chain volatility?
But Hoffmann remains clear-eyed. For On, success hinges not on short-term wins but on delivering premium experiences and executing with clarity of vision.
“We want to be the most premium global sports brand,” Hoffmann emphasized recently. “Premium is the decisive word.”
Source inspiration: Fortune.com’s reporting on On’s Q1 performance and leadership transition.
Note: This article is an original interpretation designed for editorial and commentary purposes and does not reproduce copyrighted content.
