Exhibit 21.1

Subsidiaries of On Holding AG

Name of Subsidiary	Jurisdiction of Incorporation
On Oceania Pty Ltd.	Australia
On Brazil Ltda.	Brazil
On Running Canada Inc.	Canada
On Running Sports Products (Shanghai) Company Ltd.	China
On Inc.	Delaware
On Cloud Service GmbH	Germany
On Hong Kong Ltd.	Hong Kong
On Japan K.K.	Japan
On AG	Switzerland
On Clouds GmbH	Switzerland
On Europe AG	Switzerland
On Vietnam Company Ltd.	Vietnam