Insight certainty 4/5 debate potential 3/5

Coppetti: Trying to compete directly with Nike is suicide

Caspar Coppetti · On athletic shoes: Olivier Bernhard and Caspar Coppetti · Jul 22, 2024 · at 55:35

Caspar Coppetti, co-founder of Swiss shoe brand On, reflects on market strategy and avoiding direct competition with incumbent giants like Nike when entering the United States.

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“And frankly, you know, if you look at the Under Armour story, to try to compete directly with Nike is suicide.”

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More from Caspar Coppetti

Disclosure
Coppetti conditioned joining On on ousting co-creator George Brunsweiler
“And so I made a pretty bold move and said, yes, I'm going to get involved, but without you, George.”
Caspar Coppetti Jul 22, 2024 ▶ 31:27 On athletic shoes: Olivier Bernhard and Caspar Coppetti
Disclosure
On founders faced mandatory share forfeiture for any side income
“We actually wrote in our shareholders agreement, and it lived there all the way through the IPO. We put down this thing when if someone, someone of us took another job or, you know, even like a side hustle or any income from any other source, we would have to …”
Caspar Coppetti Jul 22, 2024 ▶ 34:42 On athletic shoes: Olivier Bernhard and Caspar Coppetti
Assertion Not checkable as stated
On's partnership agreement with Roger Federer fit on a single page
“Literally our agreement fit on one page. And it had none of the usual clauses, like no minimum days that he has to you know, spend with us. No, no licensing fee, nothing.”
Caspar Coppetti Jul 22, 2024 ▶ 1:05:00 On athletic shoes: Olivier Bernhard and Caspar Coppetti
Disclosure
On launched with 300k CHF cash and 150k CHF sweat equity
“Yeah, so we each put the 150,000 in, and Oli didn't have the cash, so we basically Took his efforts so far into the company and valid that at 150. So, so that's how we started.”
Caspar Coppetti Jul 22, 2024 ▶ 40:13 On athletic shoes: Olivier Bernhard and Caspar Coppetti
Assertion Not checkable as stated
On secured roughly 500,000 CHF in orders at its first trade show
“And so we went to the show in January, literally like a couple days after we started the company with, I don't know, five, six samples. And we left the show with, or I would say about half a million Swiss francs in orders.”
Caspar Coppetti Jul 22, 2024 ▶ 40:48 On athletic shoes: Olivier Bernhard and Caspar Coppetti
Disclosure
On launched without writing a business plan or sizing the market
“We never did a business plan. We never did like a proper market sizing. All we knew was this is a big market.”
Caspar Coppetti Jul 22, 2024 ▶ 52:50 On athletic shoes: Olivier Bernhard and Caspar Coppetti
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