Running brand On is preparing to go public.
The Swiss footwear brand, which is backed by tennis champion Roger Federer, filed for an initial public offering on Monday with the Securities and Exchange Commission. The company has applied to list on the New York Stock Exchange under the symbol ONON.
While the filing says On plans to raise up to $100 million, a representative said that this number will be updated with a new value when pricing is determined.
Since its founding in 2010 in Zürich, Switzerland, On has grown its net sales at an 85% compound annual growth rate and has expanded its offerings beyond running. Federer became an investor and brand partner in 2019 and currently has his own On competition shoe and footwear line that includes The Roger Centre Court ($190), The Roger Clubhouse ($150) and The Roger Advantage ($140), available via On-running.com.
On is currently sold in about 8,100 retail stores globally and claims it is “one of the fastest-growing scaled athletic sports companies in the world.” According it the company, 36.6% of its net sales in the first six months of 2021 were generated through direct-to-consumer channels, mainly the company’s website.
“We focus on providing a premium product experience to customers wherever they are, and our brand resonates with our loyal customers around the world,” the filing read.