When ON co-founder Olivier Bernhard spotted Roger Federer wearing the brand’s shoes in 2018, he promptly invited the Swiss maestro to dinner. That meeting soon turned into something bigger when Bernhard offered him a role as a partner rather than a sponsored athlete. By 2019, Federer had become a co-owner, and the partnership helped fuel ON’s rapid growth. But now, a dip in the company’s share price has brought an unexpected twist, with Federer reportedly losing his billionaire status.
A recent market fluctuation saw ON’s share price tumble 19% after its second-quarter sales fell short of expectations, according to Forbes.
Federer, who owns 2.5% of the company, felt the impact too, with the drop wiping roughly $52 million from his estimated wealth and bringing his net worth to $952.4 million. Still, there’s one silver lining.
Despite the share price decline, the company still made a $100 million net profit with gross margins north of 60 percent, which could indicate that the share price will rebound in the future.
Not that Federer has much to complain about. His net worth remains close to the $1 billion mark, helped by his earnings from ON and Uniqlo. And that doesn’t even include the more than $130 million he earned in prize money during his playing career, which featured 103 Tour-level titles and a reign as the top-ranked player in the world for 310 weeks straight, a record that still stands.
But as Federer entered the twilight of his career, a major fallout with Nike pushed him toward a new chapter, eventually leading to partnerships with Uniqlo for clothing and ON for footwear.
Roger Federer took a risk by partnering with ON
In 2018, after parting ways with Nike, Federer took a bit of a gamble by signing with ON. The Swiss brand’s success in his home country certainly made the move more appealing. But Federer wasn’t interested in just another sponsorship deal. Instead, he took an equity stake in the company, tying a part of his earnings to how ON performed in the market.
His decision paid off, as Federer’s holdings were valued at $300 million when the company issued shares to the public in 2021. “I’ve been a fan of On and its products for a while, but after talking to the founders I realised we have a lot more in common than just our Swiss roots,” said Federer at the time of the collaboration. “I’m excited to be part of the On team and to work on the future of a next-generation global sports brand,” he added.
Commending Federer’s entrepreneurial instincts, ON co-founder Olivier Bernhard added, “Everyone knows Roger’s a leader in his sport, but as a friendship developed it became clear he is a natural leader and entrepreneur off the court as well. We value the same things and share a passion for innovation and design. He’s going to be a tremendous addition to the On team.”
Notably, the Swiss was already getting a healthy amount of money as part of his ten-year deal with Uniqlo, which had signed with the former World No.1, with a guarantee of an annual payment of $30 million for ten years, even after Federer had retired. However, Uniqlo did not have a shoe for Federer.
So the 20-time Grand Slam champion had to lean on ON for the footwear. The Swiss company designed the Roger Pro, a shoe line exclusively for Federer, which he wore during his final days on the court. Aside from sporting the company’s logo and brands on the court, Federer also used his agency, Talent8, to help the brand sign other top-ranked players, including Iga Swiatek, Ben Shelton, and Joao Fonseca.
Federer has earned a lot of goodwill with his sponsors throughout his career, whether through his on-court performances or his off-court rapport. This is evident as ON and Uniqlo are not the only brands that keep paying him after his retirement. He has lifetime deals with brands like Wilson, where he has his own product line of rackets, along with brands like Rolex and Barilla, which still use his popularity in their campaigns.