On Running Files for IPO

Count On Running as the latest brand to jump into the hot public market.

On Monday, the Swiss running brand that counts Roger Federer as an investor and ambassador, filed for a $100 million initial public offering with the U.S. Securities and Exchange Commission.

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The number of shares to be offered and the price range for the proposed offering have not yet been determined. On has applied to list its common stock on the New York Stock Exchange under the symbol “ONON,” the company said Monday.

According to the papers filed Monday, On’s sales jumped 84.6 percent in the first six months of 2021 to 315.5 million Swiss francs from 171 million Swiss francs a year earlier. It also reported a net income of 3.8 million Swiss francs, compared to a loss of 33.1 million Swiss francs a year prior.

North America now represents the company’s largest market, according to the filing, with sales increasing 104.9 percent to $163.9 million Swiss francs to represent 52 percent of the total.

Footwear still represents 95 percent of total sales for the brand, but the company believes there is opportunity in the performance sportswear end of the $174 billion sports apparel market as well.

On was founded 11 years ago by former professional triathlete Olivier Bernhard, who approached his friends Allemann and Caspar Coppetti about reengineering a running shoe to create a different sort of running sensation. The concept he was seeking was a cushioned landing and explosive take-off, or what they describe as “running on clouds.” Since that time, the brand, which is the top-selling running shoe brand in Switzerland, has also gained a foothold in the lifestyle market in the U.S. Last fall, Roger Federer had become an investor in the brand, involved in product development, marketing and fan experiences. He has also been a representative for the brand.

Today, the brand is carried in about 8,100 wholesale doors in more than 60 countries and it has a strong direct-to-consumer business as well, which represented 37.7 percent of overall sales in 2020 and 36.6 percent in the first half of 2021.

On was valued at $2 billion after its most recent investment round, according to Reuters, and had been seeking a valuation of between $4 billion and $6 billion as part of the IPO.

Goldman Sachs & Co. LLC, Morgan Stanley and J.P. Morgan are acting as joint lead book-running managers for the proposed offering, with Allen & Company LLC, UBS Investment Bank, and Credit Suisse acting as joint book-running managers, the company said.

The brand’s IPO had been expected and On joins other fashion brands filing for IPOs including Authentic Brands Group, The Honest Co., ThredUp and more.