How upstart brands like Hoka and On can tackle giants like Nike

A playbook for small and scrappy success.

When Iga Światek breezed to victory in this year’s Wimbledon women’s final, little mention was made of the head-to-toe On kit she was wearing. The reaction was testament to the “softly, softly” approach used by On these last few years—but the victory and subsequent exposure cemented its place among the fastest-growing challengers in a category long dominated by household names like Nike, Adidas, and Puma.