Swiss running brand On became $3 billion richer in the last week. It’s coming for Nike and Adidas next

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Sitting in their Zurich headquarters, On’s sanguine co-CEO, Martin Hoffmann, and his colleague and On co-founder Caspar Coppetti, have reason to be relaxed. Another quarter of unexpected growth has notched another $3 billion to their brand’s value.

There is an elephant in the room, however. It’s not taking up much room though, given the elephant is a newly-empty seat at the CEO table.