The Rise and Rise of On Running
Worn by pro runners and VC bros alike, the brand’s chunky sneakers are everywhere. How did On achieve this?
In today’s SOTA INSIDER, we’re talking about…
Why you can’t escape On Running
The strategy behind the latest album launches
A Nike shoe you’ve never heard of
The death of the internet rabbit hole
On Running Is Everywhere, Here’s Why
On, the brand sparking divisive opinions among you and your friends, is everywhere. And we mean everywhere.
We’ve seen On’s chunky sneakers featuring the Swiss brand’s signature ‘CloudTech®’ sole on suburban moms during their Sunday grocery haul. We’ve seen them on the feet of senior citizens seeking ergonomic comfort. We’ve seen them on sneaker-heads trying to dress up, and the 9-5 office crowd looking to dress down.
We’ve seen the brand worn by runners worldwide, and on tennis courts worn by world number one Iga Światek and new rebel Ben Shelton. Roger Federer is an investor, Loewe Creative Director Jonathan Anderson swears by them, and Zendaya is wearing them on her smoothie run.
At upscale London gym Third Space and during a recent Barry’s Bootcamp class, we saw them in flocks, naturally worn by the Patagonia-wearing venture capitalist crowd who’ve adopted the shoe as their collective physical signifier that says, “I’m just more successful than you, deal with it.”
It’s the premium sportswear brand feared by both trypophobes and Nike, but On is simply looking forward. Its stock is at a two-year high, and its sales keep growing.
Last week, the brand released its first quarter 2024 results with record net sales, surpassing 508.2 million Swiss Francs (roughly $550 million) in a single quarter for the first time in its history, a growth of 20.9% year-over-year.
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“We’re eagerly looking ahead to the remainder of the year with many more athlete success stories to come, as well as being laser-focused on the premium execution of our strategic priorities,” said Caspar Coppetti, Co-Founder and Executive Co-Chairman of On during the recent earnings call, discussing the brand’s forthcoming product innovations, partnerships, and involvement at the Paris 2024 Olympics. (We heard that On will debut a big new running innovation during the event.)
These “strategic priorities” Coppetti refers to encompass four interconnected focus areas, which have propelled the company, founded just 14 years ago, into a massive disrupter, boasting annual revenues nearing $2 billion and a market cap exceeding $12 billion. They’ll continue to play a pivotal role in sustaining its winning streak in the foreseeable future.
Here’s what they are…