On, the Swiss sneaker brand founded by Caspar Coppetti, has become ubiquitous in America, known for its cloud-like soles and minimalist design. Inspired by iPhones and vacuum cleaners, the company grew from a garage project to over $3.5 billion in annual sales since going public five years ago. Coppetti, who evaluates people by their footwear, recalls noticing his wife’s Ons on their first meeting.
Despite slowing growth and a 20% stock drop in August, On resists dilution of its premium image. Executives unveiled the On Premium Playbook, emphasizing innovation and athlete validation—including soccer star Kylian Mbappé—while maintaining high pricing, with average footwear now at $170. The brand avoids discounts, instead educating consumers to value quality over sales.
Once confined to runners, Ons now appear in offices, schools, and country clubs, even at the Masters. As luxury shoppers turn away from Hermès and Chanel, On positions itself as an accessible status symbol, rejecting mass-market tactics that cheapen fast-growing brands.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing