Federer-backed shoemaker On reveals revenue surge in US IPO filing

[ZURICH] On Holding AG, a shoe firm backed by Swiss tennis star Roger Federer, filed for an initial public offering in the United States on Monday and revealed its net sales had jumped 85 per cent in the six months ended June 30.

The company was valued at nearly US$2 billion after its last funding round, Reuters reported in April.

Federer had invested in On in 2019, according to the filing.

It was not immediately known how much the Swiss tennis star has invested in the shoe firm.

The 20-times Grand Slam winner had also teamed up with the company earlier this year to develop the Roger Pro tennis shoe.

The company said it had not set the terms for its offering yet. Sources told Reuters in April that the company could seek a valuation of between US$4 billion and US$6 billion in its IPO.

For the six months ended June 30, net sales jumped to 315.5 million Swiss francs (S$466.7) from 170.9 Swiss francs a year earlier, the company said. It also reported a net income of 3.8 million Swiss francs, compared to a loss of 33.1 million Swiss francs a year earlier.

Running-shoe makers have seen sales spike in the Covid-19 pandemic as people turn to running, with gyms closed and team sport activities banned.

As of June 30, the company said its products are available at approximately 8,100 retail stores across more than 50 countries.

On was founded in 2010 in Zürich, Switzerland by Olivier Bernhard, David Allemann and Caspar Coppetti.

REUTERS