Roger Federer-Backed Sneaker Company Files For Blockbuster IPO

Roger Federer On Holdings Sneaker IPO

Two years after announcing its partnership with Roger Federer, Swiss shoemaker On Holdings has filed for an initial public offering (IPO) in New York, seeking a valuation between US$6 billion and US$8 billion (AU$8.3 billion to AU$11 billion).

The rise of On Holdings has been impressively steady in recent years, beyond successfully leveraging the star power of a 20-time Grand Slam champion. After its latest round of funding back in April, On Holdings was already valued at close to US$2 billion (AU$2.8 billion). And as per the SEC filing, in the six months leading up to June 30th…

  • Net sales increased by 85% to 316 million Swiss francs (AU$476.7 million); online sales alone spiked by 200% during the pandemic
  • Net income increased from a loss of 33.1 million Swiss francs (AU$49.9 million) the year prior to 3.8 million Swiss francs (AU$5.7 million) in the green
  • A global presence in approximately 8,100 retailers has been achieved, including a flagship store in New York that opened last December
  • Bonus: the Zurich-based sneaker firm has been dubbed “one of the world’s fastest-growing maker of running shoes

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US venture capital firm Stripes holds a 12.4% stake in the On Holdings, while Alex Perez’s Point Break Capital holds 25.4%, and Asian private equity operation Hillhouse retains 6.1%. Roger Federer himself joined as an “active co-entrepreneur and investor” circa 2019, although it’s unclear how much the man has kicked in the company’s direction vis-a-vis dollars + cents Swiss francs (or what percentage of ownership it translates into).

“We noticed Roger wearing On shoes and reached out to him,” Olivier Bernhard – who co-founded On alongside David Allemann and Caspar Coppetti in 2010 – explained during the partnership announcement. 

“It became clear that there was a unique opportunity to forge a joint entrepreneurial path that is very different from an athletic sponsorship that a big company would do.”

Goldman Sachs, Morgan Stanley, JPMorgan, UBS, and Credit Suisse are among the first underwriters for the On Holdings IPO – the offering size will be US$100 million (AU$138 million) with the ticker code NYSE: ONON.

on holdings ipo