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Swiss Running Brand On Lands in Madrid, Targeting Europe’s Next Growth Mile
Swiss performance brand On has opened its first store in Spain, choosing central Madrid as its launchpad into one of Europe’s fastest-growing sportswear markets. The move caps a rapid global expansion and signals fresh opportunities and pressures across retail, design, and sports marketing careers.
Madrid, Spain — Swiss performance brand On has opened its first standalone store in Spain in central Madrid, extending a rapid global retail push that has reshaped the premium running market over the past five years.[1] The opening, reported by FashionNetwork on November 24, 2025, adds another European capital to a footprint that already spans cities such as London, Berlin, and Paris. Specific store details, including exact address and size, had not been disclosed by the company at publication time. The Madrid launch matters far beyond one storefront. Spain has become one of Europe’s most dynamic sportswear markets, with sports apparel and footwear sales projected to reach roughly €6.7 billion in 2025, up from about €5.4 billion in 2020, according to Euromonitor and Statista data.[2] For On, which reported net sales of 1.79 billion Swiss francs in 2023, up 47% year-on-year,[3] Spain is a test of whether its direct-to-consumer strategy can keep scaling in a crowded field led by Nike, Adidas, and Puma.
Why Madrid, Why Now
Madrid gives On a dense mix of urban runners, tourists, and affluent professionals in one walkable radius. The region of Madrid has seen a steady rise in participation in road races and marathons over the past decade, mirroring a broader European running boom that accelerated during and after the COVID-19 pandemic.[4] Locating in the capital also positions the brand close to Spanish media, federations, and influencers who shape performance and lifestyle trends. On’s strategy is clear: use flagship stores as brand theaters while still leaning on wholesale partners and online sales. The company has been opening marquee locations in major cities, including London’s Regent Street in 2023 and Paris in 2024, while expanding its shop-in-shop presence in retailers such as JD Sports and Foot Locker. Each new flagship becomes a hiring hub for retail specialists, community managers, and event coordinators who can turn product launches and group runs into local rituals.
From Niche Running Start-up to Global Status Brand
Founded in Zurich in 2010 by Olivier Bernhard, David Allemann, and Caspar Coppetti, On started as a niche performance shoe company built around its distinctive CloudTec cushioning. Over the past decade it has moved upmarket, often pricing above mainstream rivals and positioning itself at the intersection of running, design, and lifestyle. A key acceleration point came in September 2021, when On listed on the New York Stock Exchange under the ticker ONON, raising roughly $746 million and valuing the company at around $6.5 billion at IPO.[3]
Since then, the brand has leaned into both elite sport and everyday wear. It signed tennis champion Roger Federer as an investor and partner in 2019, later co-developing the lifestyle-leaning Roger line of sneakers.[5] At the same time, On has built a strong presence in professional running and triathlon, backing athletes who have appeared on Olympic and World Championship podiums. This dual identity is central to its retail strategy: stores are designed to feel technical enough for serious runners but stylish enough for office workers and travelers.
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Read More →On’s Madrid store is less about one city and more about a template: a high-visibility flagship that doubles as a community lab for testing product, content, and events, then exporting what works to wholesale partners and digital channels across Europe.
This dual identity is central to its retail strategy: stores are designed to feel technical enough for serious runners but stylish enough for office workers and travelers.
Spain’s Sportswear Boom and the Jobs Behind It
Spain’s sportswear market has been growing faster than many other Western European economies, helped by rising health awareness, tourism, and the blending of sports and streetwear. Euromonitor data show that Spanish sportswear sales grew at a compound annual rate of roughly 5–6% between 2019 and 2024, outpacing overall apparel.[2] Major brands such as Nike, Adidas, and Decathlon have all increased their store counts and digital investment in the country over the past decade. For careers, the implications are tangible. Flagship stores like On’s Madrid site typically employ dozens of staff across sales, visual merchandising, store management, and community roles, while also pulling in freelance photographers, event producers, and local running coaches. Behind the scenes, European hubs in Zurich, Berlin, and potentially Madrid need product managers, data analysts, and supply-chain specialists who understand Iberian consumer habits and logistics constraints.
Spanish universities and business schools are already feeding this ecosystem. Programs in sports management, digital marketing, and design at institutions such as IE Business School and Universidad Europea de Madrid have seen rising enrollment, reflecting the pull of global brands expanding locally. For graduates, a company like On offers a blend of global exposure and local relevance: working on an international brand while shaping events in Retiro Park or along Madrid Río.
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Read More →Counterpoint
Spain is a promising market, but On’s Madrid move is not without risk. The country’s sportswear shelves are already crowded with global giants and aggressive value players, from Nike and Adidas to Decathlon and Sprinter. Consumers face inflation pressure, and premium pricing can be a hard sell beyond major cities and tourist corridors. On’s heavy focus on direct-to-consumer stores could also strain profitability if foot traffic falls short or rents rise faster than sales. Local specialty running shops, which helped introduce the brand to Spanish runners, may feel sidelined if flagship stores and online channels dominate. The opportunity is clear, but so is the possibility that expansion outpaces demand, forcing a rethink of store formats, pricing, or regional focus.
Professionals who blend sport insight, digital skills, and local market knowledge will be best placed to benefit.
On’s first Madrid store extends a broader European flagship strategy built around high-visibility, experience-heavy retail. Spain’s growing sportswear market offers upside but also fierce competition and price-sensitive consumers. The opening creates new roles in retail, community building, and data-driven merchandising, especially for Spain-based talent. Professionals who blend sport insight, digital skills, and local market knowledge will be best placed to benefit.
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Read More →Looking Ahead
On’s Madrid debut is a marker of where premium sports retail is heading: fewer generic stores, more experience-led hubs that double as content studios and community centers. If the site performs well, it is reasonable to expect further Spanish openings in cities such as Barcelona or Valencia, either as full flagships or smaller concept spaces. Competitors will respond with their own events, collaborations, and digital integrations, raising the bar for what a sports store needs to deliver. For professionals, this next phase of growth will reward hybrid skills. Retail managers who can read sell-through data, marketers who can host a 200-person run, and designers who can translate performance tech into everyday style will be in demand. Policymakers and city planners, meanwhile, have a chance to support this wave with better urban running infrastructure and active-mobility programs. The brands that align store strategy with healthier, more active cities are likely to win both customers and long-term relevance.
