On has experienced remarkable growth, with a market cap soaring to around $10 billion post-IPO, despite being a smaller player compared to giants like Nike and Adidas. The brand's appeal lies in its self-expressive benefits, but to solidify its luxury status, it should aim for a higher direct-to-consumer distribution and price point. With impressive sales growth and a significant increase in direct-to-consumer revenue during the pandemic, the potential for On to thrive remains substantial.
