Updated:
On Holding AG
On Holding AG was founded in Zurich in 2010 by former professional Ironman champion Olivier Bernhard alongside David Allemann and Caspar Coppetti.
On Holding AG
On Holding AG was founded in Zurich in 2010 by former professional Ironman champion Olivier Bernhard alongside David Allemann and Caspar Coppetti. The firm set out to create a running shoe that delivered a sensation of running on clouds, using a patented CloudTec sole technology. The company went public on the New York Stock Exchange in September 2021, raising approximately $746 million. The firm operates a direct-to-consumer and wholesale model, selling performance footwear, apparel and accessories across more than 60 countries. Its product engineering focuses on proprietary cushioning, lightweight materials and design aesthetics recognized by the ISPO BrandNew Award and other industry distinctions. Key markets include North America, Europe and Asia-Pacific, with an expanding retail footprint anchored by flagship stores in New York, London, Zurich and Shanghai. The brand became the official apparel and footwear partner of the Swiss Olympic team and has been worn by professional athletes at global events including the Ironman World Championships. On reported 5,498 full-time equivalent employees globally by year-end 2023 (per the firm's 2023 annual report). Net sales rose 46.6% year-over-year to CHF 1.79 billion, with gross profit margin at approximately 59.6%. The company maintains an innovation hub in Zurich and operations across Portland, Yokohama and Shanghai. In March 2024, the company announced full-year 2023 results and guided for 2024 net sales growth of at least 30% at constant currency terms (per the firm, March 2024). The structural differentiator is On's hybrid identity as a publicly listed enterprise that retains the entrepreneurial cadence of a founder-led private company, with dual-class share structure preserving control for founding insiders. This governance posture enables multi-year R&D cycles on proprietary material science without the quarterly product-cycle pressure typical of large footwear incumbents.
General information
Firm type
Single Family Office
Year founded
2010
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Zurich
Corporate office
Zurich, Switzerland
Principals
Olivier Bernhard
Co-Founder
David Allemann
Co-Founder
Caspar Coppetti
Co-Founder
Sector focus
Frequently asked questions
Who runs investment decisions at On Holding AG?
On Holding AG is an operating company, not a family office or fund manager. Strategic and capital-allocation decisions rest with the board of directors and executive leadership, led by Executive Co-Chairman Caspar Coppetti and co-CEOs Martin Hoffmann and Marc Maurer, as disclosed in the firm's annual report.
How is On Holding AG structured as a listed company?
The firm went public on the New York Stock Exchange in September 2021 under the ticker ONON. Dual-class share structures provide holders of Class B shares (held by founders and early investors) with enhanced voting rights, maintaining founder influence over long-term strategic decisions.
Where does the underlying wealth come from?
On Holding AG is not a private investment vehicle for a single family's wealth; it is an operating public company. The firm's co-founders generated their wealth through building and scaling the On brand globally, with significant liquidity events tied to the 2021 IPO.
What does On Holding AG invest in?
On Holding AG primarily invests in research and development of proprietary footwear and apparel technologies, including CloudTec cushioning systems and sustainable material science. Capital expenditure also funds owned retail flagships in major global cities, as detailed in its annual filings.
What is On Holding AG's posture on co-investments alongside external partners?
On Holding AG engages in strategic partnerships — such as its multi-year agreement to become the technical footwear and apparel partner of the Swiss Olympic team — rather than financial co-investments. Partnership investment typically takes the form of in-kind product development and joint R&D rather than equity co-investment.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: