Roger Federer endorsed shoe brand goes big, plans for IPO in 2021
The world's highest-paid athlete Roger Federer invested an undisclosed sum to become a 'close partner' of the shoe manufacturing company 'On Running' last November. And now the Zurich-based firm is joining the big leagues, intending to go public soon.
As reported by Blick, On estimates its value to be around CHF 2 billion, and they are plan for an IPO next summer. The report further states that the company's worth is currently not the value that they have estimated, but they have big targets - like adding 100 more employees by the end of the year.
On recently launched its first running shoe model customized by Roger Federer himself, titled 'The Roger.' The 20-time Grand Slam champion informed his fans about the launch on Twitter, while also answering other related questions.
The shoe are vegan, as Roger Federer wanted minimal consumption and an environmental-friendly product. GQ Magazine called the sneaker 'the most sneakily advanced tennis shoe ever'.
Roger Federer's association with ON
After his contract with Nike ended, Roger Federer decided to associate himself with On in order to propel the brand’s product development, marketing and fan experiences to new levels. On had reinforced that idea when they stated:
“Roger will also play a role in developing the athlete spirit that’s at the core of our high-performing culture.”
Roger Federer mentioned that he had been a fan of On and its products for a while before deciding to invest in the company.
The head of the stock market at Zürcher Kantonalbank (local financial services provider), Andreas Neumann, took note of the IPO news and expressed his opinion too:
"The timing would be ideal, at least. Companies from the software and gaming and consumer goods and real estate sectors are currently very popular due to their stable business models."
Roger Federer's return to the tennis court
While the shoe brand endorsed by Roger Federer seems to have a bright future, a few fans are worried about the Swiss legend's future on the court. He has clarified that he will not compete this year, and during a recent interview, the six-time Australian Open winner stated that he expects to regain full fitness by January 2021.
Although Roger Federer will not participate in any major competitions this year, his ATP ranking will not be affected much thanks to the new rules.