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Sunday, May 19, 2024

On Expects Huge Year With Boost from Tennis Stars

  • The Roger Federer-backed On expects a nearly 40% increase in sales this year.
  • The brand signed tennis stars Iga Świątek and Ben Shelton.
Roger Federer in the On design lab with his signature tennis shoe.

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. 

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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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