On Makes Retail Debut in Spain With Flagship Store Launch in Central Madrid

On lands in Spain. The Swiss sports equipment company, one of the operators in the sector that has gained more positioning in recent years, opens its first store in the Spanish market. For its debut in the country, the company has chosen Madrid.

With the participation of the tennis player Roger Federer and driven in its beginnings by its image, On is finalizing the opening of a store at number 17 Serrano Street, on the corner of Goya Street. The store, two floors high, is located two stores away from the Nike store in Serrano, and was previously occupied by Kenzo.

Serrano Street has become one of the most sought-after streets in Spain to open a retail store. In 2024, the Madrid thoroughfare repeated as the most expensive in Spain for retail, with rents of 3,060 euros per square meter per month, behind Paseo de Gracia in Barcelona, according to Cushman&Wakefield.

On finalizes opening at number 17 Serrano street in Madrid

With this opening, Spain will become 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 its own stores in Europe, the company is present 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 is part of the new generation of sports operators that have proliferated over the last decade, including both fashion companies expanding into activewear and operators specializing in segments such as running, yoga, cycling and 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 ($2.883 million), 29.3% more than in 2023. On’s profit stood at 242.3 million francs ($301.4 billion), three times higher than the previous year.

So far this year, the company has maintained the good pace of its business, but has undergone significant changes in its management team. At the beginning of April, the company announced the departure of Marc Maurer, co-CEO for twelve years. In parallel, the company has added Helena Helmersson, former CEO of H&M, to its board of directors.