Roger Federer gets another net worth bump as On stocks soar
Roger Federer keeps on winning even after hanging up his racket with his stake in On running shoes reportedly worth more than $200 million.
Against expectations, the Swiss running shoe brand reported a 92% jump in fourth-quarter revenue on Tuesday.
Alongside that positive outlook comes the news that On are out to break into the tennis market as the head-to-toe apparel sponsor of Iga Swiatek and Ben Shelton.
Swiatek and Shelton are set to do their bit to advance the company’s tennis range, specifically their flagship Roger Pro shoes.
On secured the effective rights to a slice of Roger Federer’s legacy, while their new signings should add youthful insights.
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“On’s full-year revenue was $1.3 billion (CHF 1.22 billion), up 69% versus the prior 12 months, while net income was $62 million versus a $184 million loss in 2021, based on current exchange rates,” writes Kurt Baudenhausen of Sportico.
“On now expects sales to reach “at least” $1.84 billion (CHF 1.7 billion) for its next fiscal year, citing “exceptional demand” and a “strong product pipeline.” Analysts had previously projected the company to post $1.64 billion (CHF 1.52 billion) in revenue, according to S&P Capital IQ.”
On appear to be well-placed to capitalise on their association with Federer.
“After navigating through a challenging 2022, including supply shortages, tight production capacities and disruption of global trade lanes, we are looking forward to a great year with largely normalised operations,” Martin Hoffmann, co-CEO of On, said in a press release announcing the earnings of the Swiss shoemakers.
“We have made significant progress in many areas in the 18 months since our IPO, which will set us up for ongoing success and market share gains.”
Across his playing career, Federer made more than $130 million in prize money alone and likely made far more from sponsorships and other appearance fees.
Despite not really picking up a racket in anger in 2022, apart from in his farewell match at the Laver Cup, Federer still managed to rake in close to $100 million in sponsorship payments.
Federer might well be the GOAT of cashing in sponsorship opportunities, and he still holds tremendous sway worldwide.
His charity work has touched the lives of many children in sub-Saharan Africa with the Roger Federer Foundation laying claim to aiding the education of 2.4 million children in Lesotho, Malawi, Namibia, Zambia, Zimbabwe and South Africa.
READ MORE: Roger Federer welcomes world No 1 Iga Swiatek and Ben Shelton to the On team
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