The 20-time major champion ranked seventh in Sportico’s 2021 look at the world’s highest-paid athletes at $84 million, including only $46,000 in prize money.
“The future is very bright for this brand,” NPD analyst Matt Powell said in a phone interview. “During the pandemic, there have been two brands that acted as if there was no pandemic. One of them was Hoka One One, and the other was On.”
On is the dominant performance running shoe in Switzerland, while its share in the U.S. has more than doubled over the last 12 months, from 1.4% to 3.3%, according to NPD data. On’s global revenue rose 85% in the first six months of 2021 and reached $344 million, per its SEC filing. North America is On’s biggest market, representing 49% of revenue.
The U.S. performance running category in the U.S. is splintered with 10 brands holding at least 1.9% of the market. Nike (27.8%), Brooks (16.6%) and Asics (10.7%) are the leaders, per NPD. Powell said On has recently gained significant acceptance outside the running community as a streetwear brand paired with casual apparel. “Nike has ceded share, and that opens up some opportunity for other brands like On to grasp share,” he added.