The Rundown Deep Dive: Can On Running ($ONON) Dethrone Nike?
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Nov 22, 2025 Dive into the fascinating rise of On, the footwear brand capturing market attention. Discover how a prototype inspired by a garden hose led to innovative Cloud Tech. Hear about the Olympic win that bolstered the brand's credibility and the game-changing partnership with Roger Federer. Unpack the impressive growth figures, including a $13B market cap and rapid expansion, while also exploring competitive threats from industry giants like Nike. With a loyal customer base and a risky fashion landscape, the discussion balances optimism and caution.
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Humble Origin Of Cloud Tech
- Olivier Bernhard invented Cloud Tech by attaching a garden hose to a Nike shoe to soften landings and push forward.
- He pitched it to major brands, got rejected, and founded On with Casper Copetti and David Alleman in 2010.
Breakthrough Moments: Olympics To Federer
- On gained early credibility when Nicola Spirig won Olympic gold in 2012 wearing the Cloud Racer.
- The brand exploded in visibility after Roger Federer partnered with On in 2019 and received a 3% stake.
Margins Signal Premium Pricing Power
- On grew from a $6.9B IPO valuation to about $13B as revenue expanded and gross margins hit 65%.
- High margins show strong pricing power and a move toward a premium/luxury running positioning.