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How On Running Shoes Are Taking On Nike And Adidas

Nike and Adidas have long dominated the global sportswear market, but a Swiss sneaker company is quickly gaining ground. The brand On sells premium-priced athletic wear and is most known for its trademark running sneakers with hollow pads in the sole. In its most recent quarter, the company reported net sales of $869 million, over 40% higher than the year prior. Meanwhile, Nike’s revenues have fallen 9% this year, compared to the same quarter last year. Nike still owns around 40% of global market share in athletic footwear, and On makes up a little under 3%, but that share has increased eightfold since 2019. Experts say On is now one of the biggest challengers in sportswear. But with Nike mounting a comeback and potential tariffs looming, can the Swiss brand maintain its edge? CNBC visited On’s headquarters in Zurich, Switzerland, to get a behind-the-scenes look at the company and how its shoes are made.

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