Wednesday November 29, 2023

Roger Federer-Backed On Is Growing While Others Stumble

  • On, the Swiss athletic brand backed by Roger Federer, reported strong quarterly earnings.
  • Revenue topped $500 million, led by strong sales in the Americas.
Jasen Vinlove-USA TODAY Sports
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Roger Federer enjoyed monumental success during his professional tennis career — but one of his most impactful decisions came off the court.

In 2021, Federer invested in Swiss athletic apparel company On, founded in 2010. Terms were undisclosed, but various reports have estimated his stake to be around 3% at a purchase price somewhere near $200 million. 

This year, On is turning out to be a bright spot in an otherwise disappointing market for similar athletic brands. In its third fiscal quarter, On saw net sales increase 46.5% from the previous year to $540.2 million. 

The most important increase came in the Americas region, which saw sales of $292.2 million — a 60.5% boost. Asia-Pacific sales were up 71.5 % to $46.8 million, while Europe, Middle East, and Africa grew 19.9% to $161.9 million.

A Major Outlier

Unlike On, many top athletic brands have had trouble making gains recently:

  • Nike missed revenue projections for the first time in two years.
  • Under Armour saw sales decline in its most recent quarter.
  • Adidas reported a revenue dip of 6%.
  • Puma had a weaker-than-expected third quarter.

Weeks before On’s latest earnings report, the company laid out an ambitious plan to double annual sales to $3.85 billion by 2026. This year’s second quarter brought $486.85 million of net sales.

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