As Federer continues to support On, the brand plans to make first public offeringThe Social Media Company
The Swiss running shoe brand On has made great strides over the past few years, going from a new kid on the running block, to one that is being backed by one of the greatest sports stars in the world – and has now also filed for an initial public offering in the USA.
On filed for IPO in late August, and the company’s figures point to enormous growth, with net sales shooting up from $170.9 to $344.01 billion in the period between 30 June 2020 and 30 June 2021. This growth is likely to have been driven by renewed interest in running after the closure of gyms due to the outbreak of the COVID-19 pandemic last year.
Just more than a decade after On was founded in Zürich, Switzerland in 2010, the company has recorded a compound annual growth rate of 85%, and has also roped in 20-times Grand Slam winner and Swiss national Roger Federer as a part owner of the brand, which has also expanded into sports apparel, in addition to its continuously-growing running shoe offering.
Federer has reportedly invested $54 million into On, and has an even bigger vested interest in the globally growing brand, thanks to an On footwear line bearing his name. The Roger Centre Court, Clubhouse and Advantage sneakers have proven popular among the public and On fans, whilst The Roger Pro is a performance tennis shoe that has specifically been designed for the Ace.
The brand said that it has not yet set the terms for its offering, but sources told news outlets that On would seek a valuation of between $4 billion and $6 billion in its IPO. On’s IPO has been underwritten by Goldman Sachs, Morgan Stanley and JPMorgan, among others, and will be listed on the New York Stock Exchange under the ticker symbol “ONON” once the company is publicly listed.