On took a Swiss running shoe global instead of staying a niche local brand

On launched from Switzerland with a limited home market, so it could not wait to become a domestic giant before going abroad. Its filings say it entered Germany in 2011, the United States and Japan in 2013, China in 2018, and Brazil in 2018.

The decision was to sell a premium performance feeling, anchored in CloudTec, through both wholesale and direct-to-consumer channels. By 2021, On had listed on the NYSE and reported CHF724.6 million of net sales.

The model kept scaling after the IPO. On reported CHF3.014 billion of net sales in 2025, up from CHF1.792 billion in 2023, with the Americas its largest region.

Net sales grew from CHF267.1M in 2019 to CHF3.01B in 2025, with Americas sales of CHF1.74B.

Global expansion matched the reality of a small Swiss base and a large worldwide running market.

The product story was simple enough for international retailers: premium running shoes with a visible sole technology.

Using both wholesale and direct-to-consumer channels let On build awareness while keeping brand control.

A small-country brand can scale if it treats global category positioning as the starting point, not a later phase.

On became a listed premium sportswear company rather than a niche running label. Its later filings frame the ambition as becoming the most premium global sportswear brand, with growth increasingly spread across the Americas, EMEA, and Asia-Pacific.