Sports Brand On Runs to New York Stock Exchange
New York, USA, September 15, 2021 – 100 runners, along with the founders of On, will run alongside the Hudson River this morning and over to Wall Street to ring the opening bell on the New York Stock Exchange. This marks one of the fastest-growing global sports brands going public, built on the foundation of their run-in ‘Clouds’ shoe technology.
On is an innovation company at heart. Built by athletes and industry outsiders, it is now recognized as a leading running brand and taps into an estimated $300 billion sportswear market. With a passion for innovation and expertise in running technology, the sports brand shows that performance, design thinking, and sustainability can be a joint force. On recently introduced the first fully recyclable running shoes available only by subscription and has publicly committed to ambitious, science-based reduction targets in greenhouse gas emissions.
On is able to combine hyper-growth with impressive gross margins. With an average annual net sales growth of 85% in the last 10 years, On has been able to continuously grow its gross margin and reached 59% in the first half-year of 2021. Consumers are clearly appreciating the patented technology, design, and positive impact of the premium sports brand. On’s half-year net sales 2021 have grown to CHF 315 million, a growth of 85% compared to the same period in 2020.
On is a global brand, resonating with customers in more than 60 countries. Running to Wall Street with its community is in the DNA of a brand born 11 years ago in the Swiss Alps, driven to prominence by World Champions, Olympians, and a fanbase around the world who have fallen in love with its unique performance across both shoes and apparel. The On community is not only loyal, they are advocates around the world. North America is On’s biggest market with 49% of the business. The brand’s global footprint includes Europe, Asia, Australia, and Latin America.
The new-generation brand meets consumers wherever they are. On has a strong partnership with some of the most trusted retail partners in approximately 8’100 doors globally to create physical reach and at the same time builds direct connections and proximity to customers through their website and first brand stores. On’s direct-to-consumer business amounted to 37% of net sales in the first half of 2021, compares favorably in the industry, and shows the company driving a profitable new multi-channel model.
The brand built on authentic run culture captivates an even wider audience. On successfully bridges the gap between a highly demanding performance audience and culturally obsessed lifestyle consumers. On’s Tech infused sneakers are present in the world’s top sneaker doors and a full apparel line introduced in 2016 is now seen both during and after a run. In a world where sports, life, and business mix like never before, it’s no surprise that both audiences appreciate products with performance DNA that can stretch far from the track.
The explorer spirit and a diverse team is a catalyst for innovation at On. On’s initial public offering and listing on the New York Stock Exchange will allow it to continue its unique journey as an independent sports brand and engage with new consumers around the world with agile access to capital. As the On brand continues to progress, the spirit of running and exploration remains paramount. On has been founded by former World Champion Olivier Bernhard together with his friends and amateur runners David Allemann and Caspar Coppetti. Today, the young team brings together 52 different nationalities, but also the richness of different mindsets and cultural backgrounds. They believe that doing things differently will continue to give On an advantage. On’s roaster of pro athletes shares the same spirit. Swiss tennis icon Roger Federer has recently even become a co-entrepreneur. It’s the same mindset: Dream On.
Hi-res images available for download here.
About On
On was born in the Swiss Alps with one goal: to revolutionize the sensation of running by empowering all to run on clouds. Eleven years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. Fueled by customer recommendation, On’s award-winning CloudTec® innovation, purposeful design, and groundbreaking strides in sportswear’s circular economy have attracted a fast-growing global fanbase — inspiring humans to explore, discover and dream on.
On is present in more than 60 countries globally and engages with a digital community on www.on-running.com.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding On’s future results of operations and financial position, business strategy, products and technology, as well as plans and objectives of management, are forward-looking statements. Forward-looking statements are based on On’s management’s beliefs and assumptions and on information currently available to On’s management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those described in On’s filings with the U.S. Securities and Exchange Commission. No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date they are made. On expressly disclaims any obligation or undertaking to update the forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.
No Offers
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.