On Running

On Running disrupted athletic footwear by targeting a niche Nike and Adidas ignored: premium running shoes for everyday runners willing to pay $150-200 for comfort and performance. Founded in 2010 by three Swiss athletes including Olivier Bernhard (ex-Ironman champion), the company's CloudTec sole technology provides cushioning that competitive runners appreciate but isn't necessary for casual joggers. This positioning - premium pricing, performance credibility, lifestyle aesthetics - captured 5%+ market share in running specialty retail within a decade. The company's 2021 IPO at $6B valuation and partnership with Roger Federer prove that even in mature footwear markets dominated by giants, technical innovation targeting underserved segments creates opportunities - but only if you accept remaining niche rather than chasing Nike's scale.