NEW YORK – Swiss sneaker brand On, which has partnered with tennis star Roger Federer for a shoe line, is set to make its New York Stock Exchange debut valued as high as around US$5.5 billion (RM22.8 billion).
Launched in Zurich in 2010, On initially specialised 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 reached a revenue of 425 million Swiss francs, or about US$482 million, last year.
Federer joined the brand as a shareholder in 2019, and a tennis-inspired range named for the court star that was introduced in June already sold out once before becoming available again this month.
On Holdings AG, the company’s full name, is hoping to raise at least US$622 million upon its appearance on Wall Street, though a date for the move has not yet been set, according to a document published by the US financial market regulator the Securities and Exchange Commission (SEC).
The company, which turned a profit in the first half of this year, would then be valued at about US$5.5 billion, according to the document.
On Holdings is not the only sporting attire company looking to raise capital through financial markets.
New Zealand wool sneaker brand Allbirds, which touts its products as eco-friendly, also filed a pre-Wall Street document with the SEC at the end of August. – AFP, September 8, 2021
