On Running’s cloud sole began with cut garden hose.
Triathlete Olivier Bernhard believed running shoes should feel soft on landing and firm on push-off, and proved it on a shoe with cut garden hose glued to its sole. In 2010 he founded On, and tennis star Roger Federer later took a roughly 3% stake for a reported $50 million. By 2025 that stake was worth about $500 million — more than he won in his whole tennis career.
On Running on Brandseum