A humble experiment involving garden hose segments glued to a shoe outsole has evolved into a multibillion-dollar global enterprise. Founded in 2010 by retired professional athlete Olivier Bernhard, the
The agreement marks a significant shift for the brand, which is now preparing to enter the competitive football market. Mbappé, who concluded a long-standing relationship with Nike to join the Swiss firm, will serve as a global partner and shareholder. This move aligns with the company’s established strategy of integrating elite athletes into its product development and business operations, rather than utilizing them solely for traditional advertising campaigns.
From Running Prototypes to Global Expansion
The origins of On date back to 2010 in Zurich, when Bernhard, a multiple-time Ironman champion, sought to engineer a running shoe that offered a unique sensation of soft landings paired with a responsive push-off. His initial prototypes, which featured pieces of garden hose, eventually matured into the company’s proprietary CloudTec technology. Bernhard co-founded the business alongside Caspar Coppetti and David Allemann, who brought expertise in branding and business strategy to the venture.
The company’s growth accelerated throughout the 2010s, leading to a successful initial public offering on the New York Stock Exchange in 2021. Financial reports for 2025 indicated that the company generated CHF 3.014 billion in annual net sales, a 30% increase over the previous year. By September 2026, the company’s market capitalisation reached approximately $10 billion, reflecting its rapid expansion from a small operation into a publicly traded powerhouse.
Strategic Entry Into Football
The partnership with Kylian Mbappé is central to On’s ambition to challenge established industry leaders in the football sector. The collaboration involves more than a standard endorsement; Mbappé holds an equity stake and is actively contributing to the development of the company’s forthcoming football products. To bolster this initiative, On has appointed former professional footballer Thierry Henry as its director of football.
Development of the brand’s first football cleats is currently underway, with input from Mbappé, Henry, and Swiss footballer Sydney Schertenleib. While the company has confirmed that its football-specific footwear is expected to reach the market in 2027, the current phase remains focused on rigorous product testing and design. This approach mirrors the company’s earlier partnership with tennis legend Roger Federer, who joined the firm in 2019 as a co-entrepreneur to influence product development and brand strategy.
