There’s a new name showing up in high-end gyms, on run club routes, and across your Instagram feed — and it’s not Nike.
This brand doesn’t rely on hype drops or retro reissues. Instead, it’s leaning into sleek design, technical performance, and premium pricing.
Related: Nike rival hits sneaker giant where it hurts
It’s become the go-to for a growing class of consumers who prioritize performance and style over flash.
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And while On sneakers may cost more, fans say they’re worth every cent. And now, the numbers back it up.
This under-the-radar sneaker company just posted earnings that prove it’s not just a trend. It’s capturing a growing, premium market.
On Running is winning over premium shoppers.
On delivers blowout quarter fueled by premium demand
Swiss sneaker brand On Holding AG (ONON) reported a 40% constant-currency sales jump in Q1 2025, reaching CHF 726.6 million (about $870.8 million).
That growth came from all fronts: Asia-Pacific sales exploded 128.9%, apparel sales nearly doubled, and direct-to-consumer (DTC) revenue jumped 42.4%.
On’s most recent launches, the Cloudsurfer 2 and Cloud 6, are winning over elite athletes and everyday fitness fans alike.
Related: Popular sneaker company raising prices
The minimalist, tech-forward aesthetic is clearly resonating: its gross margin held near 60%, with adjusted EBITDA up nearly 55%.
Co-founder Caspar Coppetti said the brand is thriving by “combining performance and design with a constant thirst for innovations big and small.”
On’s premium strategy is carving out a new lane
While Nike continues to dominate in volume, On is carving out space where it counts: high-income, high-loyalty shoppers.
These are customers willing to pay more for gear that performs better and looks good doing it. On’s shoes are increasingly seen on trainers, influencers, and fitness-forward professionals who shape what people buy.
It’s a segment Nike has historically served but maybe taken for granted. On’s sharp DTC growth and rising global demand suggest the brand has hit a nerve.
The company now expects full-year net sales to rise at least 28%, despite supply chain challenges and rising tariffs.
With margins holding and momentum building, On is proving that premium isn’t just a price point — it’s a strategy.
On isn’t trying to be Nike. It’s trying to be better.
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