On Co-CEO Caspar Coppetti Talks Market Concerns and Running Investment

Sixteen years after cofounders Olivier Bernhard, David Allemann and Caspar Coppetti came together to start On, the Swiss athletic company has defied the odds and become one of the athletic footwear industry’s most formidable brands. But can the momentum continue?

During a multiday tour and summit at On’s headquarters in Zurich late last month, the phrase spoken by many employees — “we’re growing very fast” — was almost inescapable.

And the proof is in the company’s earnings results. In March, On reported that annual net sales in fiscal 2025 surpassed 3.0 billion Swiss francs, approximately $3.72 billion, for the first time, an increase of 30 percent from fiscal 2024.

The gains continued into the first quarter of 2026, with On stating in May that it exceeded 800 million Swiss francs, approximately $991.64 million, in quarterly net sales for the first time, an increase of 14.5 percent the same time last year.

So, what’s fueling this expansion? On cofounder and co-chief executive officer Coppetti told FN in an exclusive interview at the company’s headquarters in Zurich last month that it comes down to innovation.

“At the very core, On is an innovation company,” Coppetti said. “And as consumers become even more intentional on where they spend their money, especially in these times of turmoil, they’re looking for things that align with their lifestyle.”

The co-CEO explained that the company is attracting what On leadership is calling “the movement class.” This is described as consumers that are invested in health, food, exercise and sleep in order to experience life longer. “On fits into that moment, and I think it’s a mega trend that’s happening, and we’re right at the center of it,” he said.

But despite this growth, some analysts have questioned several of the company’s recent moves this year. One of which was the Swiss firm’s second top leadership change in one year this past March.

In the surprise announcement, On disclosed that Martin Hoffmann would step down as CEO effective in May as part of a “planned hiatus” to pursue philanthropic interests. In turn, On cofounders Allemann and Coppetti now serve as co-CEOs and Scott Maguire will be promoted to president and chief operating officer. Hoffmann’s appointment in April 2025 was intended to move On into a single-CEO structure, which ultimately lasted one year.

After the move, some market watchers were skeptical of the CEO change and what it could signal about the overall health of the company.

Jefferies’ equity analyst Randal Konik pointed to the departure of co-CEO Marc Maurer just one year ago as a bad sign. “The departure of two CEOs in a year is notable for a company that considers itself in the first inning of growth,” Konik wrote in a research note in March. “We see this as a reaction to [business] complexity rising and competitive pressure building.”

On the other side, Jonathan Komp, senior research analyst at Baird Equity Research, was a bit more optimistic of On’s leadership changes — adding in a note at the time that Maguire taking a larger role at the company is a “key positive” for On.

“In our interactions, we have been impressed by Maguire’s executive leadership background and expertise as a product-led operator, which we believe has brought an important fresh perspective to On’s executive leadership team,” Komp wrote. The analyst added that Allemann and Coppetti taking on a larger role in the company is also a good thing.

As for Coppetti’s take on the company’s leadership changes, he said the move was “about continuity in strategy.”

“Where you really create the value for a brand is in strategy and product, right, and there nothing has changed,” the co-CEO explained. “We have the good fortune to be the founders, and we can take a very long-term view. And when you look at the whole journey of On, we’ve always had a lot of discipline in the business, so pretty much every quarter since we’ve been public, we reach our outlook on our targets.”

The leader then continued to shrug off concern from analysts. “So, how the rest of the world makes up stories of what the future will bring for the company is outside of our control,” Coppetti added. “It’s just all I can say. But we’re all super motivated and working on building that future. The best of all is yet to come.”

Another analyst concern that came after the company’s first-quarter earnings in May revolves around On’s relationship with run specialty stores.

“Many retailers, in many distribution channels, where On shoes have had great success in the past, based on our checks, are displeased with how On has chosen to distribute its product, and are beginning to plan sales down,” Sam Poser, equity analyst at Williams Trading, wrote in a May note. “For instance, the allocations of the Cloud 6 have been reduced at most specialty running retailers, and the CloudNova is no longer available in the specialty running channel, because On has decided that those styles are lifestyle shoes, not performance shoes, despite the history of strong full-price sell-through rates.”

But for Coppetti, the specialty running channel remains essential to the company’s success. “Running is our roots, and just like a tree, when you want to grow, you have to take care of the roots,” the co-CEO told FN. “I personally spend a lot of time with our run specialty accounts, many of them over the last 15 years have become personal friends. What is changing, though, is that when you move from just a running brand to also being in other sports like tennis, you have to speak the language of those other sports and spend time with those retailers. But the run channel serves a super important function where they take care of the community. I think that’s the superpower of run specialty stores.”

In an event in Paris following the Zurich headquarters summit, Coppetti doubled down on the company’s commitment to the segment. “Our specialty retail partners are essential to On,” he affirmed. “They are the frontline experts, connecting runners with our innovation and building local communities. As we enter this next chapter, our commitment to our key partners is stronger than ever.”

It was in Paris last month where On announced three strategic initiatives to better support specialty retail partners. These include expanded launch exclusives and priority access for core run specialty accounts; investing in local running communities by expanding the Tech Rep footprint to support and educate specialty floor staff, and continued investment in business-to-business infrastructure to simplify pre-booking, improve inventory visibility and accelerate restocking.

On also showcased its new running brand identity in Paris. Dubbed, “Run On Clouds,” the new strategy aims to “cut through an increasingly crowded running market flooded with product launches” and focuses on “simplification and transparency.”

Rather than a temporary marketing campaign, “Run On Clouds” serves as a “permanent, refined brand world centered on the runner’s experience,” the company said. The campaign comes in response to a high-pressure running culture dominated by data, metrics and endless shoe drops, and aims to focus “on the human feeling that running ignites.”

“By blending rigorous technological innovation with this emotion-first philosophy, On aims to solidify its position as the world’s premier sportswear brand by making running feel as intuitive as it is high-performing,” the company stated. “Under this simplified and amplified identity, On’s product roadmap and core running franchises are systematically organized around four sensations — Soft, Support, Energy and Speed — each engineered to deliver distinct, curated physical feelings.”

The first example of this new strategy coincided with the reveal of the new Cloudboom Strike 2 and the LightSpray Cloudboom Strike 2 super shoes, which will launch globally later this month. Falling under the “Speed” channel, the new LightSpray model has helped six of On’s athletes to achieve personal bests, or PBs, with recent marathon PBs from On athletes including Hellen Obiri, who improved her time by 1 minute 48 seconds in London.

But ultimately, Coppetti is continuing to “dream On,” as he said. “We’re on a mission to redefine what a sports brand can be,” he added. “We have a relentless focus on innovation while trying to make the best possible products, and we’re very honored that, more often than not, athletes are choosing to wear On.”