Federer-Backed Shoemaker Expects Fast Growth as Tennis Booms
- Federer-backed label is gaining sales with tennis line
- On is one of several smaller shoe brands disrupting market
Swiss sneaker maker On Holding predicted that its tennis and running footwear will drive sales growth of almost 40% this year as the upstart eats into a sports footwear market traditionally dominated by larger rivals Adidas AG and Nike Inc.
The shares rose as much as 30% in New York, the biggest intraday gain since the stock’s first day of trading in September 2021. On’s brisk growth would build on fourth-quarter revenue that almost doubled, widely surpassing analyst estimates.