Nike and Adidas, the reigning champions of the running shoe market, are facing stiff competition from up-and-coming brands like On, Hoka, and other challengers. On November 12th, On, a Swiss sportswear brand founded by triathlete Olivier Bernhard, reported an impressive 32% revenue growth in the quarter to September, signaling a changing landscape in the industry.
Origin Story of On
The story of On’s inception is as unique as its success. In 2010, Olivier Bernhard, looking for added cushioning in his trainers, attached bits of garden hose to the soles. Surprisingly, this makeshift solution proved to be a game-changer, prompting Bernhard and two friends to turn it into a thriving business venture. Fast forward to today, On has reached a market value of $17 billion, a testament to its innovative approach and growing popularity among consumers.
Nike and Adidas Losing Ground
While Nike and Adidas have long dominated the running shoe market, their stronghold is now being challenged by these new players. With On’s remarkable revenue growth and increasing market value, it’s evident that consumers are looking beyond the traditional giants for their athletic footwear needs. This shift in consumer preference poses a significant threat to Nike and Adidas, forcing them to rethink their strategies to stay competitive in the evolving market.
The Future of Running Shoe Market
As the competition heats up in the running shoe market, it will be interesting to see how Nike and Adidas respond to the growing threat posed by brands like On and Hoka. Will they adapt their product offerings and marketing tactics to regain their lost ground, or will they continue to lose market share to these innovative newcomers? Only time will tell how this battle for dominance in the athletic footwear industry unfolds.
In a world where the underdog can rise to the top with a stroke of genius, the story of On’s humble beginnings serves as a reminder that innovation and creativity can disrupt even the most established markets. As consumers seek out brands that offer something unique and fresh, the running shoe market is ripe for new players to make their mark. So, next time you lace up your running shoes, remember that behind every successful brand is a story of passion, perseverance, and a daring leap into the unknown. Who knows, the next big thing in athletic footwear could be just around the corner.
