Founded in Switzerland in 2010, On, the sneaker brand backed by tennis legend Roger Federer, has increasingly focused on the US market, including with its initial public offering in New York in late 2021. On plans to expand into Latin America, Japan and China this year, which are likely to overtake the Swiss domestic market in terms of sales in 2023.
Co-CEO Martin Hoffmann said in an interview on Tuesday, explained: "The supply chain madness is behind us and our entire team can focus on what matters to the customer." Federer,20-time Grand Slam champion, holds 3% of the Swiss company, but as of today he is not the only tennis player to be part of the clothing brand.
Sneakers brand business supported by Roger Federer will grow by 40%
On Holding has forecast that its tennis and running footwear will drive sales growth of nearly 40% this year. On's rapid growth would build on fourth-quarter revenues that nearly doubled, largely exceeding analyst estimates.
On reported fourth-quarter sales of $395 million, 33% higher than the average analyst estimate. In 2023, the company expects a 39% increase in turnover. The company, backed by Swiss champion Roger Federer, is one of a handful of smaller brands experiencing rapid growth in the sports industry and threatening to curb the trajectories of industry pillars.
The firm is also expanding its tennis ambitions, signing young stars Iga Swiatek and Ben Shelton. Ben Shelton, speaking about the collaboration with ON and former Swiss champion Roger Federer, told: "He sent me some messages during my performance at the last Australian Open, congratulating me on my victories, we also talked about my evolution.
I couldn't be happier to join a brand like ON, in which he is also involved, I'm really excited about this new step in my career, I'm sure we will have a lot of fun."