The Zurich-based company’s gear is used by 66 athletes participating in 18 disciplines, including track and field, triathlon, marathon, and tennis.
Swiss shoemaker On Holding AG has more than tripled the number of athletes wearing its sneakers at the Paris 2024 Olympics, marking the company’s debut as a key competitor to Nike and Adidas.
The Zurich-based company’s gear is used by 66 athletes participating in 18 disciplines, including track and field, triathlon, marathon, and tennis. Each contender is eligible for a bonus for medaling in Paris, but management declined to reveal the sums.
Established labels such as Nike, Adidas, Puma, and Asics have long dominated the Olympic uniforms. On was founded in 2010, making it an unusual newcomer to the sport.
“Not a lot of brands win medals; it’s a very, very exclusive club,” co-founder Caspar Coppetti said in an interview Thursday in Paris, naming Polish women’s tennis star Iga Swiatek, Kenyan marathon runner Hellen Obiri, US runner Yared Nuguse, and Norwegian triathlete Kristian Blummenfelt among On’s medal contenders.
On first rose to prominence in Europe and the United States as a running shoe upstart with a large following among the walking masses. The company has recently promoted its LightSpray technology, which entails spraying 1.5 kilometers of material to form the upper portion of a shoe.
Despite backing only a fraction of the competitors funded by Nike and Adidas, Coppetti expects On’s athletes to win at least four medals, up from the single silver medal earned at the Rio 2016 Games, where approximately a dozen athletes represented the brand.
“To have several medal contenders on the starting line is a pretty good position to be in,” says Coppetti.
The epidemic had a significant impact on the Tokyo Olympics, as around 20 competitors competed. Paris marks On’s first official appearance as a major brand at one of the world’s largest athletic events.
It has recently attempted to widen its customer base by appealing to younger, fashion-conscious consumers who are not necessarily involved in competitive sports. Last month, On announced a collaboration with actress and singer Zendaya, and in May, it hired singer-songwriter FKA Twigs to help with its expansion into training and gym-wear goods. Coppetti stated that On may include significant names in areas such as China.
According to Co-Chief Executive Officer Martin Hoffmann, On’s apparel business is still relatively tiny, accounting for only approximately 4% of its total revenue. “We want to grow this to 10 percent,” he told me.
On, which also sells accessories such as bags, is concentrated on the running, tennis, outdoor, and training segments and has no immediate plans to expand into other sports. However, it does manufacture cold-weather jackets and other products worn by skiers and other winter sports participants.
According to Hoffman, it has plans to expand in France, Asia, the Middle East, and Latin America, in addition to its presence in the United States and sections of Western Europe.
