When did Nike go public?
One should strive for the stock exchange
That On thinks big was clear at the latest at the end of 2019 with the arrival of Roger Federer. According to outrageous media reports, rumors are now growing about a possible IPO of the Zurich-based company. It should be ready in autumn. The company does not comment on the plans - but apparently does not deny them either. No more.
Accordingly, On is aiming for a US IPO, people familiar with the matter apparently assume a valuation of 4 to 6 billion dollars. JP Morgan, Goldman Sachs and Morgan Stanley as well as Credit Suisse, among others, have been commissioned. The brand ambassador of the Swiss financial institute is - this closes the circle - On partner Roger Federer.
Starting shot for retail expansion
On opens first store in NYC
An IPO in New York would be almost a home game for On. In December 2020, the Swiss celebrated the opening of their world's first flagship store there. "As a global metropolis, New York has an incomparable charisma," explained On-Co-Founder David Allemann. “We have seen over the past few years how rapidly our community in NYC has grown and the demand has steadily increased. Our On Experience Store is a platform to bring our community together. "
But he has already announced the expansion into global key cities. Definitely an expensive undertaking that would be much easier to implement with an IPO.
IPOs in the online fashion trade: How successful were the IPOs?
“2020 was an exciting and turbulent year, no question about it,” Allemann told TW. The founders have always been silent about numbers. But the market importance of the Swiss is undisputed: The On Cloud is now the best-selling running shoe in Germany. This emerges from the latest figures from market researchers at the npd Group. In 2018, the top 5 list was still topped by the Nike Free, followed by the Adidas Ultraboost. This was relegated to 4th place in 2020, Nike is no longer represented in the ranking.
At the Sport 2000 trade association, which has a large number of running specialists in its ranks, On is the fastest growing running shoe supplier in recent years. The Swiss have worked their way up from 34th to 17th in the overall supplier ranking from 2018 to 2020. And as early as 2018, On should have reached the three-digit million mark in sales. On has been profitable since 2014, explained co-founder Caspar Coppetti in the same year.
Since then, On has successfully tackled other fields and has started both in the outdoor and in the lifestyle segment with great success. For this, among other things, the Swiss were awarded the TW Forum Prize in 2019.
The running specialist recently caused a stir with its latest coup: the Cyclon. A shoe that is not only theoretically recyclable. At the end of its life, it should actually become a new shoe. The first generation models will be delivered in September. On wants to have sold 30,000 Cyclon subscriptions by the launch. A milestone on the way to a circular economy. But only a first, as Viviane Gut, Head of Sustainability at On, emphasizes. "We are at the beginning of a journey."
On the way to a circular economy
This is how a shoe becomes out of it
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