Swiss sneaker brand On, which has partnered with tennis star Roger Federer for a line of shoes, is set to debut on the New York Stock Exchange at a value of around $ 5.5 billion. Launched in Zurich in 2010, On first specialized in high-end running shoes using their “CloudTec” soles with iconic perforations. The company, co-founded by former Swiss long-distance triathlon world champion Oliver Bernhard, quickly established itself as a big deal. in an already competitive industry, it achieved sales of 425 million Swiss francs, or approximately $ 482 million, in 2020.
Federer joined the brand as a shareholder in 2019, and a tennis-inspired line named after the court star that was introduced in June has already been sold once before becoming available again this month.
On Holdings AG, the full name of the company, hopes to raise at least $ 622 million when it appears on Wall Street, although a date has yet to be set, according to a document released by the U.S. financial market regulations, the Securities and Foreign Exchange Commission (SEC).
The company, which made profits in the first half of 2021, would then be valued at around $ 5.5 billion, according to the document.
On Holdings is not the only sportswear company looking to raise capital in the financial markets.
New Zealand wool sneaker brand Allbirds, which touts its products as environmentally friendly, also filed a pre-Wall Street document with the SEC in late August.
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