By
Bloomberg
Published
Jul 26, 2024
Swiss shoemaker On Holding AG has more than tripled the number of athletes wearing its sneakers at the Paris 2024 Olympics, the firm’s first major Games as one of the main challengers to Nike and Adidas.
A cohort of 66 athletes are using the Zurich-based company’s gear, competing in 18 disciplines across track and field, triathlon, marathon and tennis. Each competitor can earn a bonus for medaling in Paris, but executives declined to disclose payment amounts.
Established brands including Nike, Adidas, Puma and Asics have long dominated the kit worn by athletes at the Olympics. Founded in 2010, On is a rare newcomer to the field.
“Not a lot of brands win medals, it’s a very, very exclusive club,” co-founder Caspar Coppetti said an interview Thursday in Paris, naming Polish women’s tennis star Iga Swiatek, Kenyan marathon runner Hellen Obiri, US runner Yared Nuguse and Norwegian triathlete Kristian Blummenfelt among On’s stable of medal contenders.
On initially soared to popularity in Europe and the US as a running shoe upstart that gained a big following among the walking masses. The company has recently been promoting its LightSpray technology, which involves spraying 1.5 kilometers of textile to make the upper portion of a shoe.
Although supporting just a fraction of the athletes backed by Nike and Adidas, Coppetti estimates On’s athletes will win at least four medals — a step up from the sole silver medal won at the Rio 2016 Games, where the brand was represented by about a dozen athletes.
“To have several medal contenders on the starting line is a pretty good position to be in,” Coppetti said.
On had about 20 athletes at the Tokyo Olympics, which was heavily impacted by the pandemic. Paris is On’s first real experience as a major brand at one of the world’s biggest athletics events.
It has recently been attempting to broaden its customer base to appeal to younger and fashion-oriented consumers who aren’t necessarily from the world of performance sports. Last month, On announced a partnership with actress and singer Zendaya, and in May it hired singer-songwriter FKA Twigs to help its push into training and gym-wear gear. Coppetti said On may add prominent names in regions such as China.
On is still pretty small when it comes to apparel, which only makes up about 4% of its business, said Co-Chief Executive Officer Martin Hoffmann. “We want to grow this to 10%,” he said.
On — which also makes accessories including bags — is focused on running, tennis, outdoor and training segments, and isn’t planning an immediate foray into other sports, though it does make cold-weather jackets and other products that are worn by skiers and other winter sport athletes.
Adding to its footprint in US and parts of Western Europe, On is eager to expand in France, Asia, the Middle East and Latin America, Hoffman said.
“Building our presence in France is important, it’s a market where we are still pretty underrepresented,” he said, citing the recent opening of the brand’s largest store on the Champs Elysées.
