Flawless, master of communication, endowed with limitless ambition. Looking at On Running, the Zurich company in which Roger Federer invested an unpublished sum in 2019, we quickly see that the Swiss tennis champion seems to have found his economic alter ego. On the surface, the model developed by the Zurich company seems exemplary.
To read: Inside Roger Federer’s mind
According to David Allemann and Caspar Coppetti, co-founders of the start-up, sport is thus part of working time, the ecological balance of each shoe is known and the bonuses are shared equitably between the 800 employees of the company founded in 2010. (in a garage, of course, in this case in Zollikofen).
Secret performance
Eight hundred employees, half of them in Switzerland. In a long interview given a week ago to the The New Zurich Times, the two leaders reported that “the workforce doubled every 18 months.” The indication testifies to the meteoric growth that the manufacturer of sports shoes and clothing has experienced in recent years. However, this is the only economic information that the two men have agreed to deliver on the performance of On Running, which distributes its products in some 50 countries via 6,500 retailers.
We are not competing to finish second. Does this sound pretentious?
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The company could very quickly be called upon to act in transparency. According to the financial news agency Reuters, it is about to announce its IPO. Suspected for several months, the operation has not been confirmed by the main interested party. Solicited by Bloomberg, his spokesperson confined himself to pointing out that business had developed very favorably in recent months due to “the need felt by people to be active in the open air after months of restrictions” .
Carefully honed communication
Since last summer, insistent rumors already suggested an arrival of On Running on the public markets. In their interview with the NZZ, a week ago, the leaders of the company did not allude to it, but left no doubt about their ambitions, declaring: “We are not competing to finish second”, before adding: “Is does that sound pretentious? “
It must be said that the competition, the parents of On Running know. Olivier Bernhard is a former elite biathlete, while David Allemann is an accomplished athlete. The two friends have enlisted the skills of economist Caspar Coppetti. The idea of starting their business was born during a run. An anecdote that testifies to the carefully constructed narrative that characterizes the brand.
The arrival of Roger Federer in his capital illustrates this perfectly. Rather than simply using the image of the athlete with the 20 Grand Slam trophies, as their direct competitors Adidas and Nike tend to do, it is his involvement in the company that is valued. The images of the world tennis star and the entrepreneurs who circulate distill a clever mix of daring, class and spirit of conquest.
Read also: Roger Federer, in the shoes of an entrepreneur
To let these ingredients flourish, On Running may well opt for a listing in the United States. According to Reuters, the decision has not yet been finalized, but this path would be part of the scenarios considered.
Between 4 and 6 billion dollars
If it materializes, it would be a new disavowal for European markets, starting with Zurich, which has not seen a start-up opt for it since 2019. Ten days ago, the biotech Molecular Partners announced its intention to open its capital on the Nasdaq. The company is already listed in Zurich.
Judged to be much more liquid, the American market allows for considerable fundraising. According to Reuters, the valuation of On Running could reach between 4 and 6 billion dollars. During its last round of financing, the company, which belongs in particular to the American venture capital fund Stripes, was valued at $ 2 billion.
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