On

On is a Swiss performance sportswear company founded in Zurich in 2010 that designs premium running shoes, apparel, and accessories. Built around its patented CloudTec cushioning - a sole of hollow rubber pods engineered to feel like 'running on clouds' - On grew from a specialty-running startup into a NYSE-listed brand (ticker ONON) with roughly $3.3 billion in projected 2025 revenue. Backed by tennis great Roger Federer since 2019, it competes with Nike, Adidas, and Hoka through design-led innovation, a fast-growing direct-to-consumer business, and manufacturing bets like robot-sprayed LightSpray uppers.