Swiss Startup On Defies Industry Giants to Build a $12 Billion Sneakers Empire

On, a Swiss sportswear brand founded in 2010, has grown to a $12 billion valuation while competing against industry heavyweights such as Nike and Adidas. Beginning with inventive prototypes made from garden‑hose material, the company has turned its early ingenuity into a powerful challenger in the athletic footwear market.

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