How upstart brands like Hoka and On can tackle giants like Nike

"When Iga Światek breezed to victory in this year's Wimbledon women's final, little mention was made of the head-to-toe On kit she was wearing. The reaction was testament to the "softly, softly" approach used by On these last few years-but the victory and subsequent exposure cemented its place among the fastest-growing challengers in a category long dominated by household names like Nike, Adidas, and Puma."

"On launched with a very focussed and modest product range, some proprietary cushioning technology called CloudTec, and a focus on performance. It leveraged its Swiss heritage with a Swiss engineering marque on each pair of shoes. But while its products were technically excellent, it's also given the brand an emotional feel. Whereas Nike leans into power, pushing limits, and being the best, On has taken a softer, more inclusive stance. The brand celebrates the pleasure of physical training-together-as well as beating a personal best."

Iga Światek's Wimbledon win while wearing head-to-toe On increased exposure and cemented On's position among fast-growing challengers. Challenger brands such as Hoka and On grew revenues 29% between 2021 and 2023, compared with 8% for legacy incumbents. Hoka posted record quarterly sales of $653 million, up 20% year‑on‑year, while On generated roughly $2.6 billion in 2024 fiscal sales and tripled net profit. Sportswear requires more than a strong product; growth demands a clear, consistent, scalable brand strategy. On began with a focused product range, proprietary CloudTec cushioning, and a Swiss engineering marque. The brand combines technical performance with an emotional, softer, inclusive identity that celebrates shared training and personal bests.

Read at Fast Company