It was only a matter of time before a Swiss company whose investors include Roger Federer made their move on tennis and they have done so in a big way.
On, which is an athletic shoe and performance sportswear business founded in 2010, confirmed on Monday the signings of three tennis players for the first time in its history. Their endorsement deal includes the recruitment of three-time Grand Slam champion and women’s world No.1 Iga Swiatek to their portfolio. It is understood that under the deal, the Pole will eventually be wearing On products from head-to-toe whilst playing her matches.
“I’m very excited to be the first female player to join with On. And truly thrilled how On’s Lightning innovation team works and adapts technologies to meet the demands of athletes, supporting their careers,” Świątek says of the partnership in a press release. “It has been very inspirational for me to develop my ideas and needs with them, working on my current and future gear. On’s core values are what connects me with the company. I look forward to growing with the brand and setting an example for other players who aim to be the best.”
Swiatek will be wearing On’s first line of tennis apparel this week at the Miami Open where she is the reigning champion. As usual with endorsement deals, it has not been publicly disclosed how much it is worth. On debut on the New York Stock exchange on September 15th 2021 and had a valuation of roughly $11.35bn at the time, according to Reuters news agency.
Also signing with the Swiss company is American rising star Ben Shelton who reached the quarter-finals of the Australian Open earlier this year on his debut. Shelton was a star college player, winning the 2022 NCAA Division I tennis championships. On the professional Tour, he won three Challenger titles and defeated Casper Ruud in Cincinnati last summer.
“As someone in the early stage of my professional career and a challenger on the tour, I love that I’ve partnered with a company that has years of experience in sports performance and is looking to take over a new sport like tennis. I’m really pumped to be the first male tennis player sponsored by On”, said Shelton.
The recruitment of Shelton is less of a surprise when you take a look behind the scenes. His agent is Alessandro Barel Di Sant Albano, who also manages Coco Gauff and is part of the Team8 management agency which Federer co-founded.
Federer, who retired from tennis last year, has been linked with On in recent years. In 2019 it was confirmed that the former world No.1 had invested an undisclosed amount of money into the company. Although at the time it was below the 5% stake that requires public disclosure. Sportico estimated that his investment was in the region of a 3% which equates to $300M.
“Iga and Ben represent the next generation of world-class talent,” Federer commented about On’s new signings. “Both players demonstrate On’s competitive spirit and embody current and future champions of the sport. We are pleased to welcome them to the On family.”
Also joining the On is Brazilian junior player Joao Fonseca who reached the final of the Australian Open boy’s doubles tournament earlier this year. The 16-year-old made his ATP Tour debut last month at the Rio Open where he lost 6-0, 6-3, to Slovakia’s Alex Molcan in the first round.
