Roger Federer-backed shoemaker On files for IPO in New York

Swiss footwear and sportswear brand On, backed by tennis star Roger Federer, has filed for an initial public offering (IPO) in New York, according to The Times.

The brand reportedly revealed that net sales had risen by 85% in the first half of the year as it limbers up for the listing, and filings also showed that it swung into profit, with net income of 3.8 million Swiss francs (£3.03 million) in the six months to 30 June.

Federer invested in On in 2019 and the eight times Wimbledon champion developed the Roger Pro tennis shoe with the company earlier this year.

On was founded in 2010 in Zürich, Switzerland, by former world duathlon champion Olivier Bernhard, Caspar Coppetti and David Allemann, and is now available in 50 markets.

Sources told Reuters in April that the company could seek a valuation of between $4 billion (£2.91bn) and $6 billion (£4.37bn) in its IPO.