On: From Zurich to a Global Sports Icon

Celebrating 15 years of the Top100 Swiss Startup Award, we spotlight the pioneers who shaped their industries. Among them is On, which rose from a small Zurich startup experimenting with garden-hose cushioning to a global sportswear brand, rapidly expanding internationally and embodying Swiss engineering precision and design. Today, the company counts more than 4,000 employees and has ambassadors ranging from Olympic champions and professional athletes — such as tennis legend Roger Federer — to global celebrities like Zendaya. Co-founders Caspar Coppetti, Olivier Bernhard, and David Allemann reflect on the company’s global growth.

As Top100 celebrates its 15th anniversary, On illustrates how Swiss innovation can scale from a local experiment to worldwide recognition. Ranked early on in the Top100 and later featured among the Top100 Scale-ups, the engineering company began in 2010 when former triathlete Olivier Bernhard collaborated with Swiss engineers David Allemann and Caspar Coppetti to develop a novel cushioning system using garden hoses. What started in Zurich quickly became a global success story. Fifteen years later, On stands as a world leader in running shoes and sportswear, employing over 4,000 people worldwide and boasting a market capitalization of USD 14 billion. Worn by elite athletes and everyday runners alike, On has also made a name for itself beyond running through collaborations with Roger Federer — not only one of On’s flagship faces but also a major shareholder — as well as with LOEWE, Nike, and Highsnobiety, representing a hallmark of Swiss design and engineering excellence.

Co-Founders Caspar Coppetti, Olivier Bernhard, and David Allemann

"...We went public and were officially listed
on the New York Stock Exchange,
marking the next chapter of our global expansion."

What was it like to test the very first prototype of your shoe?
Olivier Bernhard, our co-founder, wanted to create a running shoe with a completely new feel. For the very first prototype, he sanded down the soles of a pair of shoes and glued pieces of garden hose to the outsole. The feeling was unique: a combination of a soft, cushioned landing with an immediate, explosive takeoff. Far from an experiment, this innovation established a new kind of running technology. One that could be seen, and more importantly, felt with every stride.

From the first prototype made with garden hoses to current models like the On Cloudmonster or the On Cloudboom Strike LS

How did the concept for On first come together?
Olivier’s early experiments with cut-up garden hoses caught the attention of his former agent, Caspar Coppetti. Though initially skeptical, Caspar was convinced after trying on a prototype himself and realizing there was something revolutionary in the design. They then brought in their brand-savvy friend David Allemann, and together they founded On. At the core of the innovation was the CloudTec® technology, born from those first garden-hose prototypes. This system was designed to provide a soft landing followed by an energetic lift-off. The name itself came from feedback by an early test runner at Ironman Switzerland, who remarked that running in the shoes felt like “running on clouds.”

How has On evolved as the company expanded to over 4,000 employees globally?
From a small Zurich startup to a global brand listed on the NYSE, On scaled carefully by building a strong foundation in product innovation, expanding internationally, and maintaining Swiss engineering and design standards. Supply chain management, especially during COVID, was a major focus as the team grew.

Which milestones took On from its early days to the New York Stock Exchange?
Founded in 2010, we rapidly scaled following the launch of our first CloudTec® shoe, the Cloudsurfer. In the same year, we received the prestigious ISPO Brand New Award. In 2012, we opened our first office in Zurich, Switzerland, and launched our e-commerce platform. The Speedboard Flex Plate was introduced in 2013, followed by the release of the iconic On Cloud shoes in 2014. By 2017, our products were sold in over 50 countries. A crucial moment came in 2019, when tennis legend Roger Federer joined us as an investor and creative partner. His involvement drew international attention and helped catalyze the development of new product categories. This growth culminated in our most significant milestone yet: in 2021, we went public and were officially listed on the New York Stock Exchange, marking the next chapter of our global expansion.

On debuts on the NYSE in 2021 with a market capitalization of USD 11 billion, following an IPO that raised USD 746 million

What strategies have driven On’s success in funding and customer acquisition?
Early recognition through awards, a strong e-commerce presence, and high-quality product launches helped build customer trust and brand credibility. Strategic partnerships increased visibility, while sustainability initiatives and innovative programs such as Cyclon™ and LightSpray™ attracted conscious consumers. On the financing side, careful investor relationships and a stepwise approach toward an IPO supported steady growth.


What was the hardest challenge in producing millions of shoes?
One of the biggest challenges was maintaining the supply chain during the COVID lockdowns. We were surprised by unexpectedly high retailer orders while facing global disruptions that made on-time delivery difficult.

"We never would have imagined that
a shoe born from a simple experiment
would lead to such a unique technology."

How has On influenced the industry and its approach to sustainability?
On has significantly influenced the sportswear industry, particularly through its pioneering role in the circular economy and in developing sustainable materials. A standout example is Cyclon™, our circular subscription program for fully recyclable performance running shoes. Customers can return used products for recycling and reuse, creating a closed-loop system that reduces dependence on petroleum-based raw materials. We place great emphasis on innovation and sustainability, as shown by initiatives like CleanCloud®, our shoe line that uses captured carbon emissions to manufacture EVA foam.

We are also enhancing transparency in our supply chain and integrating sustainability into the design phase of all new products. Another major leap forward is our LightSpray™ technology, which radically simplifies the production process. Minimal parts are used for maximum efficiency: the upper is sprayed directly onto a last and bonds to the midsole as it cures. This robot-engineered process eliminates traditional assembly steps, creates high-performance uppers in record time, and reduces CO2 emissions by up to 75%.

What will performance shoes look like in 10 years?
We don’t know. But what we do know is that, back in 2010, nobody would have thought that the idea of a shoe born from a simple experiment would lead to such a unique technology – and yet, here we are. That same spirit of relentless innovation continues to drive us today. We are constantly developing new technologies to keep redefining performance footwear.

Which early design choice still carries through every On product today?
An early design decision that is still reflected in every On product today is our CloudTec® technology. It was developed with the goal of creating a “running on clouds” feeling and has been a characteristic feature of On since the introduction of the first Cloudsurfer shoe in 2010.

Roger Federer and On team