On built a $4 billion sports brand in 16 years by rethinking athletic footwear from the ground up—starting with a garden hose prototype and evolving into a premium innovator rivaling Nike and Adidas. Co-founder David Alleman explains how LightSpray robotic manufacturing, partnerships with Zendaya and Roger Federer, and targeting the "movement class" define On's strategy to be the most premium global sports brand, not necessarily the biggest. On prioritizes premium innovation over luxury scarcity, investing heavily in technology like LightSpray (which reduces manufacturing from 200 steps to one) to bring better products to more consumers without limiting access.