By
Bloomberg
Published
July 26, 2024
Swiss footwear maker On Holding AG has more than tripled the number of athletes wearing its shoes at the 2024 Paris Olympics, the firm's first major Games as a top rival to Nike and Adidas.
A group of 66 athletes use the Zurich-based company's equipment and compete in 18 disciplines, including track and field, triathlon, marathon and tennis. Each competitor can earn a bonus for winning a medal in Paris, but executives declined to disclose the amount of the payments.
Established brands such as Nike, Adidas, Puma and Asics have long dominated the apparel worn by athletes at the Olympic Games. On, founded in 2010, is an unusual newcomer in this field.
“Not many brands win medals, it's a very, very exclusive club,” co-founder Caspar Coppetti said in an interview Thursday in Paris, naming Polish tennis star Iga Swiatek, Kenyan marathon runner Hellen Obiri, American runner Yared Nuguse and Norwegian triathlete Kristian Blummenfelt among On's medal contenders.
On became popular in Europe and the United States as a running shoe that gained a following among hiking enthusiasts. Recently, the company has been promoting its LightSpray technology, which involves spraying 1.5 kilometers of fabric to make the upper part of a shoe.
Although it supports only a fraction of the athletes backed by Nike and Adidas, Coppetti estimates that On athletes will win at least four medals, an improvement on the single silver medal won at the 2016 Rio Games, where the brand was represented by about a dozen athletes.
“Having several medal contenders on the starting line is a very good position to be in,” Coppetti said.
On had around 20 athletes at the Tokyo Olympics, which were severely affected by the pandemic. Paris is On's first real experience as a major brand at one of the world's most important athletics events.
On has recently been trying to broaden its customer base to attract younger, fashion-conscious consumers who aren’t necessarily in the high-performance sports world. Last month, On announced a partnership with actress and singer Zendaya, and in May it hired singer-songwriter FKA Twigs to help it branch out into workout and gym wear. Coppetti said On could add big names in regions like China.
On remains a fairly small company when it comes to apparel, which only accounts for about 4% of its business, said co-CEO Martin Hoffmann. “We want to grow this figure to 10%,” he said.
On, which also makes accessories such as bags, is focusing on running, tennis, outdoor and fitness segments and has no immediate plans to branch out into other sports, though it does make cold-weather jackets and other products used by skiers and other winter sports athletes.
In addition to expanding its presence in the United States and parts of Western Europe, On is eager to expand into France, Asia, the Middle East and Latin America, Hoffman said.
“It is important to consolidate our presence in France, a market where we are still quite underrepresented,” he said, citing the recent opening of the brand’s largest store on the Champs-Élysées.
