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Billionaire Businessman Roger Federer-Backed Sneaker Brand Sees New Heights With Whopping $650 Million News

Published 05/14/2024, 12:39 PM EDT

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via Reuters

There have been several controversies around the Roger Federer-backed sportswear company On-Running. Be it the one where fans lashed out at the brand’s creativity after seeing Iga Swiatek in the same old colors or the one where people got to know about the limited amount being paid to the ones who work hard to get the gears ready, the company still managed to stand strong and reflected the same in the financial records. And the numbers are exponential.

Recently, the brand released its numbers for the first quarter and proved that the Swiss tennis maestro-backed company is experiencing rapid growth. Delving into the details of digits, On Running touched a high mark of 500 Million Swiss francs in their quarterly sales, which is calculated to be 29 percent higher than last year.

This was made possible because of a surge in the demand for their sneakers that not only helped them touch big numbers but also propelled the shareholders to be more confident about the brand’s future. Martin Hoffman, CEO of On-Running came forward to mention how the company is now moving towards a road of stable growth.

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“We have moved from a hyper-growth moment to more durable growth,” he said, mentioning how the company has been making both financial as well as psychological growth. Started just a decade ago, the Roger Federer-backed company has not only touched massive feats in terms of numbers but has also made evident growth with rapid expansion in Europe and North America.

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However, besides showing a rise in numbers, the company has also gained a high value because of its comfortable sneakers, as Federer himself vouches for it.

Roger Federer appreciates the comfort of On -Running shoes

It has been a long time since Roger Federer put his faith and money in the Zurich-based company. Back when it was in its initial stage of gaining recognition and funds, many came across the quality of its products, including the Swiss tennis maestro himself.

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“My wife and seemingly everyone else on the streets of Zurich were wearing On, so I picked up a pair myself and was instantly impressed by how comfortable they were,” Federer said, mentioning how he liked the quality from the first use and decided to back it completely. This tale not only reveals how Federer found a deep connection with the brand but also explains how the company earned one of its first faces, who could represent the brand worldwide.

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As On-Running continues to touch massive numbers and cross new boundaries, it still remains to be seen if they will be able to take the fan reactions seriously and start working on them as well.

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Written by:

Akshay Kapoor

930Articles

One take at a time

Akshay Kapoor, a tennis writer at EssentiallySports, was born into a family that breathes Tennis and grew up watching the electrifying rallies of the legendary Rafael Nadal. Coming with a prior experience in Sports Journalism, he excels in crafting pieces that set new trends. His analytical skills riding on the back of certification in Digital Marketing help inject in-depth research as he covers the business undertakings of Tennis stars.
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Edited by:

Arunima Bhanot