On Holding LOEWE Tie Up Tests Premium Brand And Valuation Story

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LightSpray Engineering and the Cloudmonster Silhouette

The LightSpray Cloudmonster represents a significant shift in footwear construction. By utilizing a precision-engineered manufacturing process, the brand sprays a filament upper in a single step, completing the task in approximately three minutes. According to WWD, this technology produces a single-piece upper that eliminates the need for traditional layering or reinforcements. The resulting silhouette is remarkably lightweight, weighing just 190g. The shoe is constructed from only eight pieces, a minimal architecture designed to reduce the carbon footprint while supporting elite-level training. Underneath the translucent upper, the shoe features the Cloudmonster Hyper midsole, which utilizes Helion HF technology to provide cushioning and energy return. The initial release features an all-white colorway accented with silver Loewe and On branding. To complement the design, each pair includes three specific LightSpray socks in shades of Fluo Yellow, Fluo Green, and Teal. Rather than treating these as mere accessories, On has positioned the socks as an integral component of the shoe’s visual identity.

Creative Direction and the Loewe Aesthetic

This collaboration, which has been ongoing since 2022, seeks to fuse On’s technical engineering with Loewe’s specific approach to proportion and color. As highlighted by Dazed, the footwear is designed to act as a natural extension of the body. The translucent nature of the trainers allows the colored socks to glow through the surface, creating a unique visual effect. The collection extends beyond the Cloudmonster to include updated versions of existing silhouettes.

• The Cloudsolo returns with new bicolor pairings in Teal, Sand, and Burgundy.
• The Cloudtilt Hi introduces a new hi-top silhouette available in tricolor combinations, such as Teal and Taupe.

To communicate this fusion of craft and innovation, a new campaign directed by the visual artist duo Blackwall contrasts the automated LightSpray production process with Loewe’s focus on materiality. The campaign’s imagery features three creative professionals—artist Hanne, filmmaker Angela, and musician Kevin—to demonstrate how the shoes adapt to diverse individual identities.

Scaling Production and Premium Market Positioning

While the collaboration emphasizes high fashion, the business logic is rooted in scaling technical manufacturing. On’s co-founder and CEO, Casper Coppetti, recently noted the success of the LightSpray technology during a company earnings call. He confirmed that the brand increased production capacity thirty-fold in February at its Busan factory in South Korea. “The LightSpray Cloudmonster Hyper sold out quickly across many of our channels with particular strong demand in Asia and the U.S.,” Casper Coppetti, On co-founder and CEO, via WWD The consumer appetite for the technology appears high. Coppetti noted that in the opening week of the company’s new Boston store, LightSpray products accounted for close to 20 percent of footwear net sales. For investors, the LOEWE tie-up serves as a litmus test for On’s ability to capture the luxury segment. Yahoo Finance reports that On Holding is currently trading at $39.81, a price point that sits roughly 25 percent below the consensus analyst target of approximately $53.17. The stock has shown recent momentum, climbing 8.8 percent over the past 30 days, even as it remains down 15.2 percent year to date. However, the strategy carries inherent risks. Analysts suggest that while luxury partnerships can bolster pricing power and brand strength, there is a danger that performance-focused runners may view the brand as less technical if the focus shifts too heavily toward lifestyle and fashion products.