When Iga Światek breezed to victory in this year’s Wimbledon women’s final, little mention was made of the head-to-toe On kit she was wearing. The reaction was testament to the “softly, softly” approach used by On these last few years—but the victory and subsequent exposure cemented its place among the fastest-growing challengers in a category long dominated by household names like Nike, Adidas, and Puma.

Together, these legacy brands still command a significant portion of the global athletic footwear market, but their grip is loosening. Between 2021 and 2023, challenger brands like Hoka and On (sometimes referred to as On Running) grew their revenues by 29%, compared with just 8% for the incumbents. Hoka recently posted record quarterly sales of $653 million, up 20% year-on-year, despite

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