On Holdings is expanding its reach into global football by signing Real Madrid star Kylian Mbappé, according to recent sports industry reports. The Swiss athletic apparel and footwear manufacturer was created in Zurich in 2010 by former duathlon champion Olivier Bernhard alongside David Allemann and Caspar Coppetti.
Kylian Mbappé Joins On Holdings Roster
From its roots in the Swiss Alps, the brand has grown from a high-end running shoe specialist into a major multinational athletic brand.
Roger Federer Partnership and Public Market Debut
The company’s commercial rise accelerated significantly after tennis legend Roger Federer was seen wearing one of its models in 2019 and the founders contacted him. Federer subsequently invested in the business, becoming a shareholder and a central figure in the brand’s marketing. On Holdings completed an initial public offering on the New York Stock Exchange in 2021 and has since continued to scale its direct-to-consumer internet sales model well beyond its initial running and tennis verticals.
Star-Studded Ambassador Lineup
With the announcement of the agreement with Mbappé, the brand steps into a new tier of football marketing. The contract with the France national team captain and Real Madrid forward aligns with On’s growing roster of football ambassadors, which includes 1998 World Cup winner Thierry Henry and FC Barcelona’s Swiss international Sydney Schertenleib.
Beyond football, the brand’s ambassador lineup features tennis players Ben Shelton, Joao Fonseca, and former women’s world number one Iga Swiatek, as well as American actress Zendaya.
Manufacturing Footprint and Swiss Labeling Debates
Commercial scaling has propelled the company past financial milestones, though not without public debate over its manufacturing footprint and branding rules.
Because the company must accompany the flag with the disclaimer “Swiss engineering” or “Swiss Research” to denote that products are designed in Zurich rather than physically assembled domestically, domestic critics have voiced concern over the dilution of the strict “Swiss Made” legal standard. According to the company’s annual report, On shoes are designed in its Zurich workshops, while roughly 90% of production takes place in Vietnam and 10% in Indonesia.
Revenue Growth Against Industry Giants
Financially, On surpassed the milestone of 3.000 millones de francos suizos in annual revenue for the first time in 2025, reaching approximately 3.640 millones de dólares. While its revenue scales upward in a competitive market still dominated by American sportswear giant Nike at 46.300 millones de dólares and German rival Adidas at 24.800 millones, the brand’s stock performance has experienced broader market pressure.
Following a peak in late January 2025, On shares have encountered increased volatility amid investor caution regarding inflation and consumer spending trends, declining significantly from prior highs despite posting rising half-year financial results.
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