Shared Leadership and Discipline Powered On’s Global Ascent.
By Rejecting the Superstar CEO Model, Protecting Premium Positioning, and Linking Strategy to Movement, On Running Built Lasting Resilience.
From Hosepipe Prototype to IPO
On Running began with a moment of improvisation. Professional triathlete Olivier Bernhard experimented with a piece of garden hose attached to his shoes, seeking a softer landing and explosive takeoff. The prototype created a distinctive running feel, and with marketing specialist Caspar Coppetti and brand strategist David Allemann, the idea was transformed into a company. Within a decade, On grew from a small Swiss venture into a publicly listed global brand, backed by tennis legend Roger Federer. Its ascent was not defined by Silicon Valley mythology, but by patience, discipline, and a refusal to dilute long-term positioning.
The Myth of the Superstar CEO
Coppetti is blunt: “This notion of the superstar CEO taking all the strategic decisions doesn’t reflect reality.” From the outset, On rejected the cult of the singular founder-visionary. Instead, the company distributed decision-making among co-founders, later expanding to five co-CEOs (Bernhard, Allemann, Coppetti, Maurer, Hoffmann). This unusual model created resilience. With multiple leaders, bandwidth increased, blind spots narrowed, and no single ego dominated. Disagreements became productive; proposals were stress-tested by peers. Employees witnessed a leadership system where trust was continually earned, not demanded.
The structure also protected against external threats. With five equal leaders, investor influence was balanced, and continuity of vision ensured. It was not about slowing decisions but about ensuring those decisions were durable. Coppetti insists that while it may look inefficient, it generated a culture of accountability that scaled globally.
The IPO: Discipline Over Hype
When the IPO became an option, Coppetti was skeptical. Listing in Europe would have been easier, but he and the team recognized the liquidity, scale, and investor understanding that only the U.S. market offered. The IPO was not about celebrating; it was about equipping the brand for the next stage.
The company also maintained dual-share structures, ensuring founders retained long-term control. This was not the typical startup exit; it was an infrastructure move to protect culture and strategy against short-term market pressures.
Saying No to Easy Growth
One of On’s most defining moves was refusing to dilute its premium positioning. The running shoe market was crowded, with incumbents fighting on price. On could have scaled faster by offering lower-cost models, but it chose patience. Coppetti admits it was painful, particularly when competing retailers demanded cheaper offerings, but the leadership understood that eroding price would erode brand equity.
The discipline worked. Between late 2019 and October 2022, On’s market share increased 7.6x, according to Euromonitor. Rather than chase short-term sales, the company trained customers to associate the brand with premium performance, carving out a niche where discerning runners willingly invested in quality.
Culture of Autonomy and Accountability
IMD Business School professor Alyson Meister notes that On’s culture is not a side-effect, it is a growth driver. Shared leadership cascaded downward, empowering employees with autonomy while holding them accountable to results. By avoiding rigid hierarchies, On gave teams the freedom to experiment and the responsibility to deliver. Employees internalized ownership not as a slogan, but as a lived reality of daily work.
This approach reflects Coppetti’s conviction that decision-making cannot be self-serving. Leaders are expected to test ideas, debate proposals, and prioritize collective outcomes over individual wins. Over time, the system created a culture of resilience, one that could weather market shocks without breaking cohesion.
Movement as Philosophy
On’s differentiation went beyond shoes. The brand positioned movement itself, running, cycling, everyday activity, as a philosophy of wellbeing. Coppetti emphasizes the mental health benefits of motion, recalling how during COVID-19, sports “kept us sane.” Movement was not simply framed as exercise, but as creativity and collaboration made physical. This purpose-infused narrative aligned with consumer sentiment, where health and resilience mattered more than aesthetics alone.
By linking its identity to human flourishing rather than just performance metrics, On future-proofed its relevance. In an era when consumers demand brands with meaning, tying growth to the universal act of movement was not just positioning; it was strategy.
Navigating the Hard Realities of Startups
Coppetti rejects romanticized startup myths: “People often romanticize the startup life, but it’s not romantic at all. It’s really hard.” He describes years of manufacturing setbacks, failed prototypes, and financial strain. Early decisions felt like permanent failure. Yet each survival moment built resilience into the culture. By enduring the tough cycles without succumbing to shortcuts, On trained itself for long-term competition.
The company’s leaders also recognized when to stand apart from rivals. They chose to focus on the most premium segment of the market, even when the choice looked risky. This narrowness became their strength: by doing one thing exceptionally well, they avoided dilution and created a unique identity in a crowded field.
Sports and Partnerships as Strategic Multipliers
Beyond footwear, On leveraged partnerships to extend its brand credibility. Roger Federer’s involvement symbolized excellence, while On’s expansion into tennis, training, and broader sports categories translated movement philosophy into new arenas.
Unlike brands that scatter investment across every category, On built its extensions patiently, ensuring each new product aligned with core identity.
For Leaders
Reject the lone-visionary myth. Shared leadership widens bandwidth and ensures resilience under pressure.
Say no to short-term dilution. Protect premium positioning even when competitors undercut on price.
Treat IPOs as infrastructure. Use market access to build scale and stability, not as an exit or vanity milestone.
Build culture as strategy. Autonomy plus accountability drives employee ownership and innovation.
Tie purpose to human truths. Link business identity to universal needs—like movement and wellbeing—for lasting resonance.
Bottom Line: Patience, Partnership, and Purpose Outperform Ego and Expedience
On Running proves that global growth is not driven by a single heroic founder or reckless expansion. Its rise was powered by the patience to resist easy wins, the discipline to preserve brand equity, and the humility to share leadership.
By embedding culture as strategy and aligning purpose with movement, On transformed a garden-hose prototype into one of the fastest-growing sportswear companies in the world. For leaders, the consequence is clear: in a marketplace obsessed with speed and personality cults, endurance and partnership deliver the real advantage.
