default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

On Running Surges in Market Debut

The company raised $746.4 million in its IPO after its shares priced above their target, before climbing an additional 46 percent to end the day at $35.
On Running's IPO at the New York Stock Exchange.
On's IPO day. On.

On has grown rapidly in the past several years, attracting runners and casual wearers alike with its signature cushioning platform. In 2019, tennis star Roger Federer became an investor.

On Co-founder David Allemann told BoF the IPO will allow On to continue investing in innovation, in areas such as its cushioning and in sustainability efforts. Last year it introduced a fully recyclable shoe.

The funds will also go toward fueling On’s international expansion. The company already has a presence in 60 countries worldwide. On will focus on growing its audience in key cities around the world, such as London and Tokyo, as well as various cities in the US, On’s largest market. China, which On only entered in 2018, is also a top priority. Allemann said On’s sales in the country grew 300% in the first half of 2021 compared to the same time last year.

Though On launched in 2010 with the goal of making better shoes for runners, the company has begun branching out into other areas, such as all-day wear. Allemann believes the company is positioned to benefit from a long-term shift among shoppers toward more comfortable, casual dress. On, he said, has bridged the gap between a demanding performance audience and fashion shoppers.

”The connection is really innovation in performance technology,” Allemann said. “That really translates not just to sports achievement, it translates to comfort.”

Learn more:

Why On Running Could Be Worth $6 Billion

With its upcoming IPO, the Roger Federer-backed Swiss sneaker upstart expects to raise as much as $622 million at a valuation above $6 billion on the back of its rapid growth and plans to push further into the lucrative lifestyle market.

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Chronicle the ‘Retail Apocalypse’ and emerging retail models, including DTC brands.

By investing in an elevated product and shopping experience, Spanish retailers Inditex and Mango are seeing tremendous growth despite fierce competition from the likes of Temu and a cash-strapped consumer.


The ByteDance-owned app’s e-commerce play has been met with mixed response from users. Still, sales seem to keep ticking up.



view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024