On Holding AG is a Swiss athletic shoe and performance sportswear company that designs and markets sports clothing and running shoes. In 2019, On products were sold in 6,000 retailers in 55 countries and the company held 40% of the running shoe market in Switzerland and 10% in Germany. The United States is its biggest single market, where it accounts for 6.6% of the performance running shoe category. Globally, as of 2024, On is estimated to have 2% of the athletic footwear market. As of 2025, On is on its way to a $20 billion market cap, continually growing year-over-year.