Part 8/15:
In the running sector—long Nike territory—two brands have surged ahead. Hoka, owned by Decathlon, started with maximalist cushioned shoes for ultramarathon runners. Despite initial skepticism, comfort and performance gained their popularity, with revenues leaping from $220 million in 2019 to $1.4 billion in 2023. Hoka has become a go-to for everyday wear, transcending its athletic roots.
On Running, Nike’s most formidable challenger, went public in 2021. Known for its innovative CloudTec cushioning, On has seen revenues explode past $2 billion, with some years experiencing 50% growth. Endorsed by celebrities and athletes like Roger Federer and Burner Boy, On has positioned itself as a tech-savvy, design-forward alternative to Nike.