ON Running, a company backed by the highest-paid athlete in the world, is planning to go public this fall at a $5 billion valuation, per Bloomberg.
Swiss tennis star Roger Federer invested an undisclosed amount in the brand in 2019 after 20 years with Nike. He topped Forbes’ richest athletes list last year with $106.3 million in annual earnings.
“I wanted to make a mark to show ON how much I believe in the company and that I am planning for the long term with them,” Federer told Swiss outlet NZZ am Sonntag in 2019.
The 20-time Grand Slam winner released his first shoe with ON in 2020.
- Federer competes in THE ROGER Pro, a pair not yet available for purchase.
- He also has a 10-year, $300 million deal with Japanese apparel brand Uniqlo.
Founded in 2010, ON Running products are available in 50 countries and use a patented technology, Cloudtec, as a main selling point. Its valuation hit $2 billion in its last funding round.
ON announced a subscription service for shoes made from recyclable materials earlier this month and opened a global flagship store in New York City late last year.