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Exhibit 8.1

Subsidiaries of On Holding AG

Name of Subsidiary			Jurisdiction of Organization
On AG			Zurich, CH
On Brazil Ltda.			Sao Paulo, BR
On Cloud Service GmbH			Berlin, DE
On Clouds GmbH			Zurich, CH
On Clouds Inc.			Dover, DE, USA
On Europe AG			Zurich, CH
On Experience 1 LLC			Dover, DE, USA
On Experience 2 LLC			Wilmington, DE, USA
On Experience 3 LLC			Wilmington, DE, USA
On Experience 4 LLC			Wilmington, DE, USA
On Experience 5 LLC			Wilmington, DE, USA
On Hong Kong Ltd.			Hong Kong, SAR of CN
On Inc.			Portland, USA
On Italy S.r.l.			Milan, IT
On Japan K.K.			Yokohama, JP
On Oceania Pty Ltd.			Melbourne, AU
On Running Canada Inc.			Vancouver, CA
On Running Sports Products (Shanghai) Company Ltd.			Shanghai, CN
On Running UK Ltd.			London, UK
On Vietnam Co. Ltd.			Ho Chi Minh City, VN
Brunner Mettler GmbH			Zurich, CH