Roger Federer is proving he’s just as sharp in business as he was in tennis. His latest venture, backing the Swiss-based athletic brand On, has been an absolute success. And their results in the United States market could surely make Federer jump in delight.
In the second quarter of 2024, On saw their sales jump 28% from last year, reaching 567.7 million Swiss francs ($654.5 million), beating analysts’ expectations. But what grabbed attention was the 7.5% rise in their shares on the New York Stock Exchange (NYSE). It marked a significant victory over Federer’s former sponsor, Nike, which has been dealing with slower growth.
Nike has also been hit by cancelling their deals with top retailers like Foot Locker and Dick’s Sporting Goods since the giants believed that they could profit more from organic sales online and in-store buys.
On’s star products, like their Cloud running shoes and Cloudmonster sneakers, have become their cash cows. Their prices range from as low as $150, to the more pricier end at $550. Notably, it caters to all audiences.
These products are flying off the shelves, helping boost On’s presence in the United States. Federer’s influence has been key. The brand’s ambassador roster is also stacked with American names like track and field star Yared Nuguse and tennis up-and-comer Ben Shelton.
The brand page posted a hilarious, yet captivating video on Instagram, showcasing their two star-studded brand ambassadors.
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These stints are helping to solidify their spot in the competitive market. Going ahead, On has big plans to expand further into the States, with more flagship stores and a focus on growing their e-commerce. And the US Open 2024 will be their next target surely.
The US Open 2024 will be a big opportunity for Federer and On
Federer’s business moves have been incredibly savvy. He could be benefitting from the lessons he gained from working with Nike for years.
He’s taken that experience and used it to push On into the big leagues. Now, the brand is standing tall against some of the biggest names in sportswear, including Nike and Adidas.
Federer’s partnership with Uniqlo and On prove that he is a smart investor. These brands are all that people can talk about in current times. Moreover, their aim at On is to get more brand ambassadors from rival brands in the States across the worlds of sports and entertainment.
Ultimately, the upcoming US Open 2024 tournament will be a huge battleground for these brands. With Federer’s star power backing On, and major athletes like Shelton, Iga Świątek, and even actress Zendaya as brand ambassadors, they’ll be in the spotlight. But Nike won’t go down easy, with big names like Jannik Sinner and Carlos Alcaraz being the biggest faces of their brand currently.
The competition is heating up. All eyes will be on how these two giants duke it out for marketing and sales dominance at the year’s final Grand Slam.
