The McWhorter Family Trust Observation List Why On May Be One of the Most Compelling Long Term Consumer Brands of the Next Generation

An opinion from the McWhorter Family Trust.

Some companies earn attention through quarterly earnings. Others earn it through culture.

Occasionally, a company emerges whose greatest asset is neither technology nor marketing, but a feeling. The feeling that consumers associate with the brand becomes so powerful that it transcends products altogether.

We believe On is approaching that category.

Accordingly, On has been placed on the McWhorter Family Trust Observation List a collection of businesses we believe warrant long term attention because of their strategic positioning, cultural momentum, and potential to create enduring enterprise value over decades rather than quarters.

This should not be interpreted as an investment recommendation or an indication of any ownership position by the McWhorter Family Trust. Rather, it reflects our opinion regarding the company’s long-term strategic potential.

Leadership

As of 2026, On has returned to founder-led leadership, with David Allemann and Caspar Coppetti serving as Co-Chief Executive Officers alongside fellow founder Olivier Bernhard, who continues to lead product innovation. The company has intentionally re-centered its founders at the operational core as it enters its next phase of global expansion. (On Running Investors⁠)

Founder-led companies often possess a unique advantage: the ability to preserve long-term vision without becoming captive to short-term market expectations.

History repeatedly demonstrates that exceptional consumer brands are frequently built by leaders who remain emotionally invested in the products they create.

The Brand Mood

Every great luxury or premium brand eventually owns a single emotional word.

Hermès represents craftsmanship.

Patagonia represents responsibility.

Apple represents simplicity.

Nike represents aspiration.

We believe On is increasingly becoming synonymous with comfort.

Comfort should never be mistaken for softness.

Comfort enables movement.

Comfort enables confidence.

Comfort encourages loyalty.

When consumers consistently describe a product by how it feels rather than merely how it looks, a company begins building emotional equity instead of simply selling merchandise.

That distinction is extraordinarily valuable.

Sustainability Without Excess

One of On’s more compelling characteristics is that sustainability appears integrated into product development rather than existing solely as a marketing campaign.

The company continues investing in recyclable materials, manufacturing innovation such as LightSpray technology, and lower-impact production methods while maintaining premium product positioning. (SEC⁠)

Increasingly, premium consumers expect environmental responsibility to accompany design excellence.

On appears to understand that expectation.

Beyond Footwear

Our interest extends beyond running shoes.

The opportunity may be considerably larger.

The world’s largest consumer brands rarely remain confined to their original category.

Nike expanded beyond athletics.

Apple expanded beyond computers.

LVMH became an ecosystem.

If On successfully establishes itself as the trusted authority on premium movement, comfort, and performance, its addressable market expands significantly.

Future opportunities could include:

• Wearable technology

• Performance health monitoring

• Recovery systems

• Premium travel accessories

• Performance apparel

• Strategic acquisitions of complementary brands

• Connected fitness ecosystems

Whether every opportunity is pursued is less important than the fact that the platform appears capable of supporting them.

The Long View

Nike will likely remain one of the defining athletic brands of modern history.

That observation does not diminish On’s opportunity.

Markets rarely crown only one winner.

Instead, the next generation often creates additional leaders by redefining what consumers value.

Where Nike built an empire around competitive ambition, On has the opportunity to build one around intelligent movement, thoughtful design, premium comfort, and disciplined innovation.

Those are meaningful distinctions.

Conclusion

The McWhorter Family Trust views On as one of the more compelling long duration consumer businesses currently emerging within the premium sportswear sector.

The company’s founder led culture, design discipline, innovation pipeline, sustainability initiatives, and growing emotional connection with consumers suggest the possibility of substantial long-term value creation if execution continues.

For those reasons, On has earned a place on our Observation List.

Only time will determine whether today’s promising challenger becomes tomorrow’s enduring institution.

Disclaimer

This publication reflects the opinions of the McWhorter Family Trust as of the date of writing. It is provided solely for educational, informational, and editorial purposes. Nothing contained herein constitutes investment advice, financial advice, legal advice, tax advice, a recommendation to purchase or sell any security, or a solicitation of any investment activity. The McWhorter Family Trust may or may not hold positions in companies discussed, and opinions are subject to change without notice. Readers should conduct their own independent research and consult qualified professional advisers before making any investment decisions.