On is a Swiss running-shoe company, listed in New York and still controlled by its founders through a class of shares only they can hold. Its filed list of subsidiaries reaches Kenya, Brazil and Vietnam, and names no Indian company.
Indian buyers still get the shoes — from On’s own India storefront and from the marketplaces the company itself named to a Delhi court. Read on Myntra on 20 September 2026, On was the dearest shelf of eight sports-shoe brands, and 25 of its 26 listings were reduced.
On, the Swiss brand sold as On Running, belongs to On Holding AG, a Zurich company listed on the New York Stock Exchange whose founders hold a structural voting majority. No Indian company appears on its filed subsidiaries list or on the Indian register. Read on 20 September 2026, its 26 marketplace listings carried a median MRP of ₹21,749 and sold at 71.2% of it, and a listed Indian retailer was named as seller on 25 of them.
Snapshot
- Trading name
- On, also written On Running
- Parent company
- On Holding AG, Zurich, listed on the New York Stock Exchange as ONON since 15 September 2021
- Operating and trade-mark companies
- On AG and On Clouds GmbH, both Zurich
- Who controls it
- The founder group, through Class B voting shares confined to the “extended founder team”
- Last full year
- Net sales CHF 3,014.0 million to 31 December 2025, up 30.0%; net income CHF 203.7 million
- Latest figures
- Net sales CHF 1,682.2 million for the six months to 30 June 2026, up 14.0%
- India revenue
- Not reported. India sits inside Asia-Pacific, CHF 344.5 million in the first half of 2026
- Indian company
- None on the subsidiaries list filed with its FY2025 annual report
- Where the shoes are made
- About 90% Vietnam and 10% Indonesia, by outside manufacturers
- Indian marketplace shelf
- 26 listings, median MRP ₹21,749, 71.2% of MRP charged, 20 September 2026
A two-letter name, and what it does to a search
The brand trades as “On”, an ordinary English word. Every register and case index matches it against hundreds of unrelated names, so nothing on this page rests on the bare word. The case-law index gives 89 matters for “On Holding AG” and none of them is this company — it splits the phrase and brings back every Swiss “Holdings AG”. The Swiss operating company’s full name, On Clouds GmbH, is the string that isolates it.
The Indian companies register behaves the same way, on a mirror read 19 September 2026. “ON INDIA” shows 108 companies, “ON CLOUDS” 27 and “ON-RUNNING” one, a 1918 Maharashtra ginning factory. None is the shoe company.
The marketplace shelf shows the problem at its sharpest. Myntra files the brand in capitals, and its brand filter set to ON showed 26 listings on 20 September 2026. Spelt “On”, with a small n, the same filter brought up an error page — not a list, and not a zero. A plain search for “On Running” showed one listing. The same session showed 2,422 listings for Columbia, so the shelf was answering; the 26 is the count this page uses, and the one and the error are statements about the query, not the stock.
Who owns On
On Holding AG is incorporated in Switzerland and has been listed on the New York Stock Exchange since 15 September 2021, under the ticker ONON. No acquisition, merger or change of control appears in its filings since. There is no private-equity owner, no conglomerate parent and no licensor above it.
Control comes from the share structure. The description of securities filed with the FY2025 annual report lists 296,873,353 Class A shares and 341,241,680 Class B voting-rights shares at 31 December 2025. Every share carries one vote whatever its par value, which is how Class B gets ten times the voting power per franc invested, and Class B is “only transferable among members of the extended founder team” or entities they control.
The arithmetic is ours, on those filed counts: Class B is 341,241,680 of 638,115,033 shares, or 53.5% of the votes. The filing names three co-founders — David Allemann and Caspar Coppetti, the executive co-chairmen, and Olivier Bernhard, an executive director. It does not break the founder group’s votes down person by person, and neither does this page.
The largest outside holder disclosed is FMR LLC, Fidelity, with 16,039,135 Class A shares on a filing of 6 August 2026. That is 5.4% of the Class A shares, not 5.4% of the votes, and nowhere near control.
The last full year, to 31 December 2025, brought net sales of CHF 3,014.0 million, up 30.0%, a gross margin of 62.8% and net income of CHF 203.7 million. For the six months to 30 June 2026, net sales rose 14.0% to CHF 1,682.2 million and Asia-Pacific rose 43.7% to CHF 344.5 million. India is not broken out, and the second-quarter release does not mention it.
Who sells On in India
The subsidiaries exhibit filed with the FY2025 annual report lists On’s companies from Zurich to São Paulo, Nairobi, Ho Chi Minh City and Jakarta. No Indian entity appears. A subsidiaries list can leave out small companies, so it is read here alongside the Indian register, where the three searches above found no On company either.
What reaches Indian buyers is set out in On’s own words, in a Delhi commercial court judgment of 22 April 2026. The company told the court it sells through its India storefront on on.com and through “e-commerce platforms, inter alia, www.myntra.com, www.ajio.com, www.tatacliq, www.crepdogcrew.com.” That is a pleading rather than a published list of authorised sellers, and it is attributed that way here.
- on.com/en-inOn’s own India storefront
- MyntraMarketplace
- AjioMarketplace
- Tata CLiQMarketplace
- CrepDogCrewSneaker retailer
No Indian subsidiary, joint venture, licensee or distributor is named in any document read.
On’s store page lists shops in Tokyo, Hong Kong, Jakarta, Singapore, Bangkok, Seoul and Macau, and no Indian city. The page plainly lists Asian stores where On has them. The India storefront’s footer names the company only as “On (On AG)”, with no Indian address or registration number.
The company named as seller
Across the Myntra listings read on 20 September 2026, the seller of record was Brandman Retail Ltd on 25 of 26. The twenty-sixth named Supercom Net, a registered trade mark owned by Shreyash Retail Private Limited; no document read links that company to On.
Brandman Retail Limited is a different kind of seller. Its CIN, L52399DL2021PLC383350, begins with the register’s marker for a listed company. Incorporated in Delhi on 7 July 2021, it listed on NSE Emerge, the exchange’s small-company platform, on 11 February 2026, after a ₹86.09 crore share issue.
Two dated accounts of its portfolio differ. An exchange announcement of 4 June 2026, as reported by Trade Brains, concerns Skechers India appointing Brandman as a marketplace partner, and describes the company’s existing portfolio as including On Running. A Reuters report of 9 June 2026 describes the portfolio as New Balance plus Brandman’s own Sneakrz stores, with Salomon, Saucony, Anta and Wilson planned, and does not list On. Five days apart, the two do not agree, and this page does not choose between them.
The appointment in that announcement is Skechers’. No filing read establishes what arrangement, if any, On has with Brandman, and Brandman’s prospectus numbers its brands from one to seven rather than naming them.
What On Running costs in India
Myntra’s 26 On listings, read in full on 20 September 2026, carried a median MRP of ₹21,749 and a median price charged of ₹15,399 — 71.2% of MRP. Twenty-five of the 26 were reduced, across ten distinct MRPs and two discount rungs. No other sports-shoe brand read that day had a higher median MRP.
| Brand, 20 September 2026 | Listings | Median MRP | Share of MRP charged | Reduced |
|---|---|---|---|---|
| On | 26 | ₹21,749 | 71.2% | 25 of 26 |
| Saucony | 105 | ₹14,299 | 79.3% | 80 of 100 |
| Nike | 3,363 | ₹4,495 | 90.7% | 36 of 100 |
| adidas | 5,307 | ₹2,899 | 60.7% | 98 of 100 |
| Columbia | 2,422 | ₹4,249 | 97.9% | 23 of 100 |
Twenty-six listings is the whole shelf, so the median describes that day and nothing wider. Against Nike, which charged nine-tenths of its tags, On’s discount is real but starts from a tag nearly five times higher.
The global price, and why no gap is printed
On publishes launch prices as one line in four currencies, without saying whether sales tax or VAT is included.
| Model | USD | EUR | GBP | CHF | On sale |
|---|---|---|---|---|---|
| THE ROGER Centre Court, Hall of Fame edition | 200 | 200 | 180 | 250 | 25 August 2026, on.com only, 20,000 pairs |
| Cloudsurfer 3 | 160 | 170 | 150 | 210 | Pre-launch 1 October 2026; global early 2027 |
The Indian half of either comparison was not read, and neither release prints the article code that would match the same shoe across shops. No comparison was taken, so this page prints no gap — which is a gap in this page, not a sign that no matching Indian product exists.
Where it is made, and what the label says
On’s FY2025 annual report says “substantially all of our products are manufactured by third party manufacturers”, with “approximately 90%” of footwear made in Vietnam and about 10% in Indonesia. Its Impact Progress Report 2025 counts 13 footwear factories across 11 supply partners. The one exception is a production facility opened in Zurich in 2025 “to manufacture certain LightSpray products” — a single line of uppers, not Swiss-made shoes.
The Myntra declarations agree. All 26 gave Vietnam as the country of origin. Twenty-five gave the same Ho Chi Minh City street, in two spellings, with no company name beside it, and one named On AG, Zürich. The manufacturer line was filled on all 26; the net quantity was missing on all 26.
A declaration names whoever is legally answerable for the goods, not necessarily the factory. A street with no company is a thin answer — more than the blank line The North Face clothing shelf gave on 40 of 40 a week earlier, less than Nike’s 27 named manufacturers. Every pair on this shelf is imported, so customs duty is part of the Indian price, levied on the landed value rather than on the tag.
What the performance claims stand on
On lists fourteen named technologies on its technology index. Thirteen pages were opened on 19 September 2026 and checked for a number on a real scale, a named test standard and a named outside tester; the fourteenth, ThermaTec, is an apparel fabric and was not.
| Technology | Number | Standard | Outside tester |
|---|---|---|---|
| CloudTec, CloudTec Phase, CloudTec Sphere, CloudTec Connect | No | No | No |
| Helion superfoam, Speedboard, Missiongrip | No | No | No |
| On SenseTec, On DryTec, On GuardTec, On FormTec | No | No | No |
| LightSpray | Not on its page | No | Vaayu, for life-cycle data |
| CleanCloud | Yes | ISO 14040 and 14044, TfS guidelines | TÜV, as critical reviewer |
Eleven pages carry no figure, no standard and no outside tester. CloudTec Sphere says it “reduces muscular demands and improves running efficiency”; its only numbers are three athletes’ marathon times. Helion says foam “can be tuned though density, height and rebound”, and gives none of the three. Missiongrip was “developed and tested by athletes in the Swiss Alps”.
The contrast sits on the same website. CleanCloud, a midsole compound, names ISO 14040 and ISO 14044, industry guidelines, TÜV as reviewer and two named partners, and prints its figures. Even those need care: the page gives a reduction of “approximately 84%” on one accounting method, and on another, 4.32 kg of CO2 equivalent per kilogram against 3.12 for conventional EVA — higher, not lower.
On names a standard and an outside reviewer for the carbon in a midsole, and its own laboratory for how the shoe runs.
When On does print a performance number, it names that laboratory. Its Cloudsurfer 3 announcement gives “15.5% More Compression” and a “9.9% reduction in peak braking force”, both from finite element analysis — a computer simulation — at On Labs Zurich. The same release calls its new Surreal superfoam “lighter, softer and more responsive” than Helion, with no number against any of the three words.
The waterproof line carries its claim alone. On GuardTec is described as “fully waterproof” with a three-layer membrane, and its page gives no water-column figure, no breathability figure, no test standard and no tester. On does not appear among the roughly 90 footwear brands on Gore’s own GORE-TEX partner page, which lists adidas, HOKA and Salomon, so no licensor’s specification stands behind it either.
Drop and weight, yes; stack height, not in these two
| Model, launch announcement | Stack height | Drop | Weight | Size given with weight |
|---|---|---|---|---|
| Cloudsurfer 3, 15 September 2026 | Not given | 8 mm | 285 g | Men’s US 8.5 |
| THE ROGER Centre Court, 24 August 2026 | Not given | 7 mm | 191 g | None |
Both announcements give a drop and a weight, and only one says what size the weight was measured on. Neither gives the two stack heights the drop is the difference between, so an 8 mm drop could sit on a thick sole or a thin one. That is a reading of two press releases; On’s product pages were not read, and among sports-shoe brands disclosure varies page by page and market by market, so nothing here says what On publishes elsewhere. Not one of eleven sports-shoe brands read that week named an outside test house for a performance claim.
What the Indian courts have decided
Two matters brought by On Clouds GmbH have been decided, and neither was a contest on the merits.
A Delhi commercial court decreed a suit against Khalsa Overseas on 22 April 2026, with the Customs authorities joined as defendants. Khalsa Overseas did not appear, so the decree was passed ex parte — undefended. It granted a permanent injunction, ordered the seized goods held back and destroyed as counterfeit, and awarded damages of ₹1,50,000 with costs. Because nobody argued the other side, the damages figure measures an uncontested claim, not a tested one.
In the Madras High Court, a trade-mark petition against Deepa Anil Kumar, trading as Divyashree Apparels of Bengaluru, was disposed of on 20 November 2025 in terms of a memorandum of settlement. The respondent appeared. A settlement is not a finding against anyone, and it is not a win on the merits.
Each outcome was on its own facts as they then stood, and nobody has ruled on anything beyond them.
The Delhi judgment also records On’s Indian trade marks as at 22 April 2026. Three marks — On SenseTec, RUN ON CLOUDS and a device mark — were accepted and advertised. ON in classes 18 and 35, two stylised ON marks and CLOUD in class 25, and ON RUNNING in class 35 were all still awaiting registration. An international registration covering India is recorded as registered. That is a court’s snapshot of the register on one date, and statuses move.
Buying On in India
Buy from a route On itself named
On’s India storefront, Myntra, Ajio, Tata CLiQ and CrepDogCrew are the channels On gave a Delhi court in April 2026. Other sellers are not on that list.
Read the declaration
Every On listing read gave Vietnam as the origin, and On’s own filing names Vietnam and Indonesia for its footwear. A pair declaring anywhere else, or no origin at all, is worth a question before you pay.
Know the going price
The shelf’s median price charged was ₹15,399 against a median tag of ₹21,749. A new pair far below that range is a reason for caution, not a bargain.
Compare the sole in person
The two launch releases read give drop and weight but no stack height. If sole thickness matters to your running, compare it in a shop against brands such as Asics before you buy online.
Two accounts five days apart disagree on whether On was in Brandman’s portfolio in June 2026, and no filing read sets out On’s arrangement with it. Read the seller’s name as what the listing states, and nothing more.
Common questions
Is On a Swiss brand?
Yes. The parent, On Holding AG, is incorporated in Switzerland and based in Zurich, and its operating companies are Zurich companies. The shoes themselves are made mostly in Vietnam and Indonesia by outside manufacturers.
Who owns On Running?
On Holding AG, listed on the New York Stock Exchange as ONON. Its Class B voting shares can be held only by the extended founder team, and on the filed share counts they carry 53.5% of the votes.
Does On have an Indian company or store?
No Indian entity appears on the subsidiaries list filed with its FY2025 annual report, and none was found on the Indian register. On’s own store page lists no Indian city.
Who sells On on Myntra?
Brandman Retail Limited, a company listed on NSE Emerge, was named on 25 of 26 listings read on 20 September 2026. No filing read sets out what arrangement it has with On.
Why is On so hard to find on Myntra?
The brand is filed in capitals. Filtering by ON showed 26 listings on 20 September 2026; the lower-case spelling brought up an error page, and a search for “On Running” showed one.
References
- On Holding AG, Form 20-F for FY2025, filed 3 March 2026 — third-party manufacturing, the Vietnam and Indonesia footwear split, the financial year end
- Description of securities, FY2025 annual report — the Class A and Class B share counts, the voting mechanism and the founder-team transfer restriction
- List of subsidiaries, FY2025 annual report — On AG, On Clouds GmbH and the other subsidiaries, and no Indian entity
- On, FY2025 results, 3 March 2026 — net sales of CHF 3,014.0 million, net income, gross margin
- On, second-quarter 2026 results, 11 August 2026 — six-month net sales, Asia-Pacific, and no mention of India
- On, Annual Report FY2025 — the three co-founders and their roles
- Schedule 13G/A, FMR LLC, 6 August 2026 — 16,039,135 Class A shares, 5.4% of the class
- On, Impact Progress Report 2025 — the footwear factory count and the Zurich LightSpray facility
- On technology index — the fourteen named technologies and each technology page, read 19 September 2026
- On CleanCloud page — the standards, TÜV review and the two accounting results
- Cloudsurfer 3 announcement, 15 September 2026 — drop, weight and size, launch prices, the On Labs Zurich figures and Surreal superfoam
- THE ROGER Centre Court announcement, 24 August 2026 — drop, weight, launch prices and the 20,000-pair run
- GORE-TEX footwear partner page — the partner brands listed, read 19 September 2026
- On store page — the Asian store cities and no Indian one
- On India storefront footer — the company named as “On (On AG)”
- Companies register mirror, “ON INDIA” — 108 unrelated companies, read 19 September 2026
- Companies register mirror, “ON CLOUDS” — 27 unrelated companies
- On Clouds GmbH v Khalsa Overseas, Delhi commercial court, 22 April 2026 — the ex parte decree, the damages, On’s Indian channels and its trade-mark table
- On Clouds GmbH v Deepa Anil Kumar, Madras High Court, 20 November 2025 — disposal in terms of a settlement
- Brandman Retail Limited, companies register mirror entry, CIN L52399DL2021PLC383350, read 20 September 2026 — listed status and incorporation date
- NSE India listing-day post, with the Upstox and IPOPremium issue pages — the NSE Emerge listing of 11 February 2026 and the ₹86.09 crore issue
- Trade Brains, report of Brandman Retail’s exchange announcement of 4 June 2026 — the Skechers appointment and the portfolio naming On Running
- Reuters via Investing.com, “New Balance’s India partner Brandman to expand fivefold, add global brands”, 9 June 2026 — the portfolio and planned brands as then described
On is a well-documented company from the top: a listed Swiss parent, a filed founder majority of 53.5% of the votes, and a manufacturing split it states to the percentage point. For a runner who already knows the fit, the Indian shelf discounts it — 71.2% of MRP on 26 listings, 25 of them reduced.
The scepticism belongs to the claims and the chain. Eleven of thirteen technology pages read carry no figure, no standard and no outside tester, the waterproof line included, while a midsole’s carbon gets ISO standards and TÜV. In India there is no On company, and the counter selling 25 of 26 listings is a listed retailer whose link to On no filing read sets out.
Buy On here for the shoe you have already tried on, at the discount — not for performance numbers only its own laboratory has produced.
