$6 billion

In valuation eyed by On Holding AG, a shoemaker backed by Roger Federer

On Holding AG, a shoemaker backed by Swiss tennis star Roger Federer, is eyeing a valuation of more than $6 billion in a US initial public offering (IPO), a regulatory filing showed yesterday.

The IPO comes at a time when athletic gear, especially shoes, has been flying off the shelves at most retailers as Covid-induced gym closures push more people to take up running to keep themselves fit.

On was founded in 2010 by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti, with Federer investing an undisclosed sum in the company in 2019.