Having recently confirmed the launch of an initial public offering (IPO), Swiss performance running brand On is now heading to the New York Stock Exchange (NYSE).
100 runners, along with the founders of On, are running alongside the Hudson River this morning and over to Wall Street to ring the opening bell on the NYSE.
According to On, this marks one of the fastest growing global sports brands going public, built on the foundation of its running ‘cloud’ shoe technology.
The sports brand also argues that performance, design thinking and sustainability can be a joint force. On recently introduced fully recyclable running shoes available only by subscription and has publicly committed to ambitious, science-based reduction targets in greenhouse gas emissions.
On has reported an average annual net sales growth of 85% in the last 10 years. It has continuously grown its gross margin and reportedly reached 59% margin in the first half of 2021.
On’s half year net sales in 2021 have grown to CHF 315 million (US$343 million) with year on year growth of 85% compared to the same period in 2020.
North America is On’s biggest market with 49% of the company’s business. The brand’s global footprint includes Europe, Asia, Australia and Latin-America.
On adds that it has a strong partnership with some of the most trusted retail partners, giving access to approximately 8,100 doors globally. This helps to create physical reach and at the same time builds direct connections and proximity to customers through the On website and first-brand stores.
On’s direct-to-consumer business amounted to 37% of net sales in the first half of 2021. The company noted that this compares favourably in the industry and ‘shows On driving a profitable new multi-channel model.’
‘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 is seen as paramount. On was founded by former world champion Olivier Bernhard together with his friends and amateur runners David Allemann and Caspar Coppetti.
Today, the team brings together 52 different nationalities, with a richness of different mindsets and cultural backgrounds. Adding some sports celebrity appeal, Swiss tennis icon Roger Federer also recently become a ‘co-entrepreneur’ and investor in the company.
