Tennis star Roger Federer’s Swiss sneaker brand, On, is set to make its New York Stock Exchange debut valued as high as around $5.5 billion.
On was launched in Zurich in 2010 and initially specialized in high-end running shoes using its “CloudTec” soles with iconic perforations.
The company, co-founded by former Swiss long-distance triathlon world champion Oliver Bernhard, quickly made a name for itself reached a revenue of 425 million Swiss Francs, or about $482 million, in 2020.
Federer, who played his whole career with Nike shoes, joined the brand as a shareholder in 2019.
According to Agence France-Presse, On Holding AG, the company’s full name, is hoping to raise at least $622 million upon its appearance on Wall Street, though a date for the move has not yet been set.
The company, which turned a profit in the first half of 2021, would then be valued at about $5.5 billion, according to the document.
Picture: Roger Federer – ATP Tour/Twitter