Roger Federer’s Swiss sneaker brand seeks Wall Street debut

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.

Swiss running shoemaker On Holding AG, whose proprietary cushioning technology has attracted Roger Federer as an investor, plans to raise as much as $622 million in an initial public offering in New York. #apparel #Consumergoodsindustry #Pandemichttps://t.co/ZUZH8ZYyBh pic.twitter.com/pxUEnVlk3Y

— Mergers&Acquisitions (@TheMiddleMarket) September 7, 2021

Picture: Roger Federer – ATP Tour/Twitter

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