Swiss shoemaker On Holding eyes above-US$4B IPO

Highlights

  • On Holding AG is a Swiss shoemaker firm.
  • The shoemaker is eyeing a valuation between US$4 billion-US$6 billion in its IPO.
  • The Group reported net sales rose 84.6% for the 6 months ended 30 June 2021.

On Holding AG is a Switzerland-based shoemaker firm backed by tennis star Roger Federer. On is a premium sports brand, which is renowned for technology, design and sustainability, and has its customers in over 60 countries.

The Group has created many technologies like CloudTech, ultra-lightweight yet versatile running apparel, Invisible CloudTech, Lightweight Trail Missiongrip, etc, to innovate the running experience and get new products in the market.

On 23 August, the shoe firm filed for an IPO in the US.

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As per market reports in April, the shoemaker had been preparing for a US stock market listing near September or October in a deal that would value the firm at US$4 billion-US$6 billion.

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Goldman Sachs & Co., Morgan Stanley and J.P. Morgan are amongst the underwriters. The firm expects to be listed on New York Stock Exchange under the symbol “ONON”.

Financial Performance in last 6 months

On works as a single-brand business and has a single reportable segment. On disclosed that its net sales increased 84.6% on pcp to CHF 315.5 million for the 6 months ended 30 June 2021.

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Some of the financial highlights for the 6 months ended 30 June 2021 include-

  • Net sales through the DTC sales channel increased 57.5% to CHF 115.4 million and through the wholesale sales channel rose 104.9% to CHF 200.1 million.
  • Net Income stood at CHF 3.8 million.
  • Gross profit increased 95.0% to CHF 187.2 million.
  • Gross margin increased 3.1% to 59.3%.

The shoe firm’s financial profile is described by high net sales growth and solid gross margin.

On’s Growth Plans

On’s latest product launches Cloudnova, Cloud Hi and The Roger are likely to resonate well with its customers and these products are expected to further diversify the firm’s product mix in the future.

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The shoe firm intends to continue to grow its global footprint by tapping into new customer segments without compromising its premium customer experience across its wholesale and DTC channels. As per the firm, pioneering a true multi-channel strategy will ultimately lead to superior outcomes, lower cost of customer acquisition and higher customer retention and repeat purchases.


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On has worked with distribution partners in 25 countries as of 30 June 2021. The Group plans to persist in making investments to drive growth, subsequently expenses are likely to increase. It plans to launch new product seasons with the spring-summer season from January to June and fall-winter season from July to December in 2022.

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