ONON is a premium athletic shoe and clothing company quickly gaining ground against Nike and Adidas. They have several popular running shoe products, with 8 of them contributing at least 5% of overall revenue. This is not a one-trick pony. In terms of sports, they’re popular for runners and in tennis, with expansion into more activities going well. It’s founder-led, with a focus on operational excellence and creating the next category trends through impactful, focused innovation – like LightSpray. As a reminder, LightSpray is On Running’s new automated manufacturing technique. It uses robotic arms to (as the name indicates) spray a light material right onto the sole of the shoe to form a single-piece, laceless model. Impressively, it takes a robot 3 minutes to make a shoe and is comparatively quite cheap. That combination should be fantastic for On’s long-term margin ceiling.
