Dive Brief:
- Swiss brand On has signed two of the brightest young stars in tennis: Iga Świątek and Ben Shelton.
- Świątek, a three-time grand slam champion and No. 1 ranked female player, and U.S. rising men’s star Shelton become the first tennis celebrities to sign with On, according to a company press release.
- Launched as a running shoe brand in 2010, On has grown to include trail and walking shoes as well as performance apparel and accessories.
Dive Insight:
Following an investment by tennis icon Roger Federer in 2019 and an IPO in 2021 that raised $740 million, On is steadily adding to its roster of professional athletes.
Signing a player of such magnitude as Świątek represents a coup for On as the Polish-born player seemingly was entrenched with her endorsement of the Asics brand. As recently as April of last year Świątek was lauding her relationship with the brand. That changed with the On signing.
“In order for On to build its awareness and credibility in tennis, it’s important for players to be showcasing the brand, and I think these specific signings are smart – both are young, exciting players, representing both the women’s and the men’s tours, and Europe and the U.S. These partnerships are a great complement to their already existing relationship with Roger Federer,” Beth Goldstein, footwear industry analyst at Circana, said in an email.
In addition to Świątek and Shelton, On signed 16-year old Brazilian junior player João Fonseca, who is ranked No. 9 in the International Tennis Federation Junior Rankings. On also recently signed separate deals with three champion triathletes who will wear On shoes and apparel for upcoming competitions.
On has also been expanding its wholesale presence. The brand announced a partnership in 2022 with Dick's Sporting Goods and Dick's Public Lands banner, and also has deals with REI, Foot Locker and Nordstrom. In its 2022 year-end earnings released Tuesday, On reported full-year net wholesale revenue increased 73.1% year over year to 777 million Swiss francs ($848.6 million at the time of publication), while DTC sales grew 61.4% to 445.1 million Swiss francs.
The brand’s total revenue for the year topped 1.2 billion Swiss francs, a 68.7% year-over-year increase and the first time the brand has exceeded 1 billion Swiss francs.
