Nike and Adidas have long dominated the global sportswear market, but a Swiss sneaker company is quickly gaining ground. The brand On sells premium priced athletic wear and is most known for its trademark running sneakers with hollow pads in the sole. In its most recent quarter, the company reported net sales of $869 million, over 40% higher from the year prior. Meanwhile, Nike’s revenues have fallen 9% this year, compared to the same quarter last year. Nike still owns around 40% of global market share in athletic footwear, and On makes up a little under 3%, but that share has increased eightfold since 2019. Experts say On is now one of the biggest challengers in sportswear. But with Nike mounting a comeback and potential tariffs looming, can the Swiss brand maintain its edge? CNBC visited On’s headquarters in Zurich, Switzerland to get a behind-the-scenes look at the company and how its shoes are made.
Chapters:
0:00 Introduction
1:59 Chapter 1: The rise of On
5:25 Chapter 2: Taking on Nike
7:49 Chapter 3: Tariffs
Producer: Merritt Enright
Edited by: Andrea Miller
Graphics: Jason Reginato, Mithra Krishnan
Additional footage: Getty Images, On, Reuters, Nike
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How On Running Shoes Are Taking On Nike And Adidas
