The Swiss tennis champion has bought the stake as a move prompted by the end of his contract with Nike and as he plans for life after professional tennis.
Roger Federer buys stake in Swiss shoemaker. The Swiss tennis champion has bought a stake in Swiss running shoe manufacturer, On, as a move prompted by the end of his contract with Nike and as he plans for life after professional tennis, reported Swiss newspaper NZZ.
Without disclosing the actual size of his investment, Federer said he has put a substantial amount into the nine-year-old Zurich-based company. “I wanted to make a mark to show On how much I believe in the company and that I am planing for the long term with them,” stated Federer.
The company expects to release its first shoe that the tennis player helped develop next year. On has 500 employees, 250 of which are based in Zurich. The firm’s been profitable since 2014 and it generates annual sales of as much as 200 million francs (200 million dollars).