On Enhances Executive Line-Up with New COO During Expansion Phase

On is taking on the giants. The Swiss sports equipment company, one of the operators in the sector that has gained more positioning in recent years, has appointed Scott Maguire as new COO, in the midst of a strategy to strengthen its innovation and gain share against its competitors, especially Nike and Adidas, according to WWD.

Maguire joined On as chief innovation officer in March. Previously, he was CEO of the American bicycle company Specialised Bicycle Components and, before that, he worked for 18 years at Dyson, almost two of which as CEO.

Maguire will take over as COO at On in January, replacing current CEO Samuel Wenger, who arrived at the sports equipment group in 2017 and is leaving to move into the world of startups. During his tenure, the three-year strategy, launched in 2023, was put in place, which envisions doubling sales and skyrocketing profitability.

Maguire will take over in January, replacing Samuel Wenger, who is moving into start-ups

On has managed to remain profitable despite the business onslaught of tariffs imposed by U.S. President Donald Trump thanks to the price of its products, especially its sneakers. However, its shares are reportedly down 20% this year, slightly less than Adidas, but more than Nike.

On landed in Spain this summer, with a first store in Madrid, two Nike stores in Serrano, making Spain one of the few countries in Europe to have an On store. The company has stores in France (Paris, in Champs Elysées and Marché Saint Germain), Switzerland (Zurich), United Kingdom (London, in Regent Street, Battersea and Spitalfields), Germany (Berlin, in Mitte) and Italy (Milan).

In addition to the network of company-owned stores in Europe, there is also a presence in Asia (in Japan, Hong Kong and Indonesia), Australia and Latin America (Chile). The company also has a network of distributors around the world.

On landed in Spain in summer, in Madrid, near Nike Serrano

On is part of the new generation of sports operators that have proliferated over the last decade, including both fashion companies expanding into activewear and specialized operators specializing in segments such as running, yoga, cycling or gym wear.

In parallel, the two biggest brands in the sector, Nike and Adidas, lost around three points of market share in 2019 and 2024, according to data from McKinsey&Company. At the close of 2024, Nike and Adidas accounted for 24% of total sales of sports equipment, while 76% was accounted for by operators such as Lululemon, On, Acr’teryx or Hoka. In 2022, the two giants accounted for 26% and in 2019, 27%.

On ended the 2024 financial year with soaring sales and earnings. The Swiss company posted sales of 2,318 million Swiss francs ($2.9 billion), 29.3% more than in 2023. On’s profit stood at 242.3 million francs ($303.9 million), three times higher than the previous year.