A piece of garden hose may seem like an unlikely starting point for a global sportswear company, but that is where the story of Swiss footwear brand On began. In 2010, retired professional athlete Olivier Bernhard was experimenting with ways to create a running shoe that could deliver a different sensation underfoot. One of his early prototypes used pieces of garden hose glued to the outsole. The unusual experiment eventually became the foundation for the technology that helped define On’s shoes and, with it, a company that has grown into a multibillion-dollar sportswear business.Sixteen years later, On has expanded far beyond its original running focus. In September 2026, French football superstar Kylian Mbappé ended his long association with Nike and signed with the Swiss company, becoming a global partner and shareholder as On prepares to enter the football market.The deal marks a striking new chapter for a company that did not exist until 2010 and whose first breakthrough came from a retired athlete trying to reinvent the running shoe.
From athlete’s experiment to a new shoe
Bernhard was not a conventional footwear entrepreneur. Before founding On, he had built his career as an elite endurance athlete. He was a three-time world champion and multiple-time Ironman champion, according to On’s corporate history and its SEC filings. After retiring from competition, he became interested in developing a running shoe that could provide what he described as a new running sensation.The basic idea was to create cushioning that would soften the landing while still allowing a powerful push-off.His experiments eventually led to the prototype that used pieces of garden hose attached to the sole. The concept evolved into On’s CloudTec technology, built around hollow elements on the outsole designed to compress on landing and provide a responsive take-off.Bernhard’s experiments caught the attention of two friends, Caspar Coppetti and David Allemann. The three formally established On in Zurich in January 2010. The company says its early prototypes won the ISPO BrandNew Award in March that year, and its first shoes reached speciality running stores in July 2010.What began as a small Swiss running-shoe operation was designed from the outset around a simple idea: make running feel different.
The three-founder model
Bernhard brought the athlete’s perspective, while Coppetti and Allemann brought experience in branding, marketing and business.Coppetti had worked in brand strategy and marketing, while Allemann had experience with advertising and consulting before joining On. The company’s SEC filings identify all three as co-founders and describe their roles in developing the product, brand and business.The founders initially focused heavily on the running community rather than trying to compete immediately across every sports category. That strategy helped On establish an identity around performance running while gradually moving into lifestyle and other sporting categories.The company later expanded into apparel and tennis. In 2019, tennis legend Roger Federer joined On as a co-entrepreneur, taking an equity stake and becoming involved in product development. His partnership helped give the relatively young brand another connection to elite sport.
From startup to publicly traded company
On’s growth accelerated significantly during the 2010s. The company expanded internationally and built a direct-to-consumer business alongside its wholesale network. By 2021, On was ready to enter the public markets.On Holding AG began trading on the New York Stock Exchange in September 2021 under the ticker ‘ONON’. Its public listing gave the company access to capital as it continued expanding globally.The transformation is particularly visible in the company’s financial figures. For 2025, On reported annual net sales of CHF 3.014 billion, up 30% from CHF 2.318 billion in 2024. Shoes accounted for CHF 2.804 billion of those sales, while apparel generated CHF 169.9 million and accessories contributed CHF 39.6 million.By September 2026, On’s market capitalisation was around $10 billion, depending on the trading day and source. That makes the company substantially larger than the startup founded by three people in Zurich 16 years earlier.
Mbappé takes On into football
The latest expansion may be its most ambitious yet. On September 18, 2026, Mbappé announced his partnership with On after ending a nearly two-decade relationship with Nike. The French forward joined On as the company prepared to enter football, a market historically dominated by major sportswear companies such as Nike, Adidas and Puma.On’s partnership with Mbappé goes beyond simply putting its logo on an athlete’s footwear. According to Andscape, the deal includes equity and gives Mbappé a role in helping develop On’s football products and strategy. The company has also appointed former France and Arsenal star Thierry Henry as its director of football.Mbappé said the attraction was the opportunity to help build something new with the company and contribute his experience to the products being developed.On is currently developing its first football cleats with Mbappé, Henry and Swiss footballer Sydney Schertenleib. The company says its football products are expected to become available in 2027.The first retail football boot has therefore not yet arrived. Mbappé’s partnership is instead part of the product-development process, with prototypes already being tested.
A very different kind of sportswear deal
The Mbappé agreement also reflects how On has approached partnerships with elite athletes. Federer’s relationship with the company followed a similar model, with the tennis star becoming an equity partner and helping shape products rather than simply appearing in advertising campaigns. Andscape reported that Mbappé’s agreement also includes equity and an opportunity to influence On’s new football division.That makes the partnership notable because Mbappé is joining while still at the peak of his football career, rather than simply becoming the face of an established football-boot range.For On, the move represents a significant shift from its roots in running. For Mbappé, it means moving from a long-standing relationship with one of the world’s biggest sportswear companies to a younger challenger brand where he can participate in building an entirely new category