Even in retirement, Roger Federer can still take over a game.
The stock price of On, the shoe and apparel brand backed by the tennis legend, surged after the company issued a prediction that its sales would grow nearly 40% this year. The company reported $397.6 million in revenue in the fourth quarter, up 91.9% year-over-year.
On expects the good news to continue with 61% year-over-year sales growth in Q1 2023.
On Holdings rocketed up 34% from last week, including a 29.5% leap on Tuesday – the company’s largest one-day increase since hitting the U.S. public market in September 2021.
On also added more tennis star power, signing top women’s player Iga Świątek and 39th-ranked men’s player Ben Shelton to endorsement deals.
The company billed the signings as a major push into tennis — a natural fit given its most prominent backer.
“The expansion of our professional tennis roster builds on our continued innovation in the fields of high-performance running and a growing ensemble of world-class track and long-distance athletes,” said On Co-CEO Marc Maurer.
In addition to the expected growth in tennis sneaker sales, On’s optimism for a big year is fueled by plans to cut expenses by reducing its use of air freight.
On is also looking to grow in Latin America, Japan, and China.
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