On, the sports trainer brand endorsed by Roger Federer, is hoping to double its expected 2023 sales within the next three years, with plans to also drive profit growth by close to 20%, a trading statement revealed on Thursday.
Federer, one of the greatest tennis players of all time, reportedly invested around US$55 million in the company back in 2019 when he signed a partnership deal with the Swiss retailer.
Two Federer-designed shoes and one pandemic-induced running boom later and On is now a listed company in the US, with its sights firmly set on becoming the world’s “most premium global sportswear brand”.
Marc Maurer, co-CEO at On, said: “We are extremely proud and pleased with how we have been able to successfully deliver on our mission and growth strategies over the past two years. The strength of our brand and products, our outstanding team and innovation capabilities, as well as the very large addressable market, give us numerous opportunities to grow.”
In August, On revealed sales had jumped by over 52% in the second quarter to 444 million Swiss francs (CHF) (US$1 = CHF0.92), with underlying earnings almost doubling to reach CHF62.7 million.
Shares in the company have slumped over 35% since IPO-ing in 2021, but despite going to market with a US$6.5 billion valuation, the group’s market cap has risen to US$7.95 billion.
Owning a 3% stake in On, Federer’s interest was estimated to be worth around US$180 million at the time of the group’s IPO and if the tennis star hasn’t upped or sold any of his stake, his shares should be worth around US$238 million, more than the US$130 million he took home in prize money during his illustrious career.
Shares in On are trading flat in the US pre-market, having closed trading on Wednesday at around US$25.