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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.			Delaware, USA
On Europe AG			Zurich, CH
On Experience 1 LLC			Delaware, USA
On Experience 2 LLC			Delaware, USA
On Experience 3 LLC			Delaware, USA
On Experience 4 LLC			Delaware, USA
On Experience 5 LLC			Delaware, USA
On Experience 6 LLC			Delaware, USA
On Experience 7 LLC			Delaware, USA
On Experience 8 LLC			Delaware, USA
On Experience 9 LLC			Delaware, USA
On Experience 10 LLC			Delaware, USA
On Experience 11 LLC			Delaware, USA
On Experience 12 LLC			Delaware, USA
On Experience 13 LLC			Delaware, USA
On Experience 14 LLC			Delaware, USA
On Experience 15 LLC			Delaware, USA
On Experience 16 LLC			Delaware, USA
On Experience 17 LLC			Delaware, USA
On Experience 18 LLC			Delaware, USA
On Experience 19 LLC			Delaware, USA
On Experience 20 LLC			Delaware, USA
On Experience 21 LLC			Delaware, USA
On Experience 22 LLC			Delaware, USA
On Hong Kong Ltd.			Hong Kong, SAR of CN
On Inc.			Oregon, USA
On Italy S.r.l.			Milan, IT
On Japan K.K.			Yokohama, JP
On Korea Ltd.			Seoul, Korea
On Oceania Pty Ltd.			Melbourne, AU
On Running Canada Inc.			Vancouver, CA
On Running Kenya Limited			Nairobi, KE
On Running Sports Products (Shanghai) Company Ltd.			Shanghai, CN
On Running UK Ltd.			London, UK
On Vietnam Co. Ltd.			Ho Chi Minh City, VN
On Services UK Ltd.			London, UK
PT OnRunning Services Indonesia			Jakarta, ID
Brunner Mettler GmbH			Zurich, CH

Refer to Note 1.3 of the consolidated financial statements for additional information.