The Highlights

Key stories of the week
Roger Federer-backed On soars to new heights

Roger Federer-backed On soars to new heights

— On sees impressive revenue growth and profitability, while footwear giants Nike and Under Armour aren't doing so well.
2 min read
  • On keeps soaring. On, the fast-growing Swiss shoe brand, saw revenue of ~$2 billion for 2023, a 55% increase from the previous year. On also maintained high profitability, with a 59.6% gross margin, and it is in no hurry to stop, with management forecasting over $2.5 billion in sales in 2024.

  • Roger Federer doesn’t miss. He invested in On in 2019, and reportedly owns around 3% of the company. His stake, based on On’s current market cap, is estimated to be worth north of $300 million. His signature On shoe a la “The Roger” is receiving rave reviews.

  • Federer is raking in the money. Federer remains the most marketable star in tennis even after his retirement, boasting of partnerships with the world’s leading brands. His portfolio is second to none, including sponsorships with Rolex, Louis-Vuitton, UBS, Mercedes-Benz, not to mention Uniqlo, which locked him up in 2018 under a ten-year, $300 million deal. He was 9th on Forbes’ list of the highest paid athletes in 2023.

  • Meanwhile, other footwear giants are on shaky ground. Nike’s revenue was down 2% in the fourth quarter of 2023-2024, and the markets haven’t reacted well, with its stock plummetting 31% this year. The company projects a further slump in 2025. Similarly, Under Armour is facing challenges too, with minimal sales growth and a dim outlook.

Photo Credit: © Mike Frey-Imagn Images

Sonia
Carlos Alcaraz is the new face of Nike tennis

Carlos Alcaraz is the new face of Nike tennis

— Alcaraz signs landmark deal with Nike that includes a signature shoe line and his own logo.
2 min read
  • Nike bets big on Carlos Alcaraz. According to multiple reports, Alcaraz has signed a multi-year contract with Nike, in the neighbourhood of $15 to $20 million per year. The deal will include a signature shoe collection and apparel, and will continue over the next decade.

  • Is Alcaraz the new face of men’s tennis? Nike certainly seems to think so. Nike will reportedly give Alcaraz an exclusive custom logo, a rare honour previously reserved for Rafael Nadal a la “the bull” and Roger Federer a la “RF”. All indications are that Alcaraz is fast becoming the new superstar in town, the heir apparent to tennis’ big three.

  • Nike’s history with tennis superstars runs deep. For decades, Nike has endorsed tennis’ most iconic players, from Agassi and Sampras in the 90s (remember their iconic 1995 Nike commercial?), to Federer (who left for Uniqlo in 2018) and Nadal more recently. Alcaraz’s new deal adds another chapter to Nike’s long association with tennis’ biggest stars.

  • Alcaraz’s brand gets bigger and bigger. He has an impressive portfolio, including partnerships with Babolat, BMW, Calvin Klein, and Louis Vuitton. Alcaraz earned $31.4 million last year, according to Forbes, just behind Novak Djokovic.

Here are some of Nike’s most iconic tennis commercials over the years:

Photo Credit: © Mike Frey-Imagn Images

Sonia
Chart of the Week

We've officially entered the Alcaraz era

Alcaraz overtakes Djokovic to become the highest-paid tennis star in 2024.

The Buzz

Curated tweets for you
8 tweets | curated by Sonia

The Data

The numbers you need

WNBA Finals hits million viewer mark for the first time in 21 years

WNBA Finals Game 1 viewership, in the last decade

Tennis Players Get the Short End of the Racket

Tennis players receive the smallest share of total revenues compared to other major sports.

ON Sneakers Cost Less to Make But Sell For More

A breakdown of manufacturing costs and selling prices for sneakers from ON, Puma, and Adidas.

Federer's ON Is Rising, While Nike Continues To Stumble

ONON Holdings vs. Nike stock price comparison, September 2021 - November, 2024

Two Decades of Rafa's Dominance On Clay

Rafael Nadal's Win-Loss Record in ATP Clay Matches (2005-2024)

5 charts | sourced from trusted data

The News

Top stories you must know about
 Sinner’s 2024: a season for the history books
News
3h

Sinner’s 2024: a season for the history books

— Sinner joins Federer as the only players to finish a season without losing a match in straight sets.
1 min read
  • Sinner’s historic season. It was a historic season for Jannik Sinner, who rose to world No. 1 in the ATP Rankings and won eight trophies, including his first two major titles - the Australian and US Open. Across 79 matches this year, the 23-year-old Italian also achieved a feat previously accomplished only by Swiss legend Roger Federer back in 2005, i.e., he never lost in straight sets. Sinner, who finished 2024 with a 73-6 win-loss record, and Federer are the only players in the Open Era to achieve this feat (minimum 20 matches played).

  • Whatever we can catch, we take, and the rest we learn. After winning the season-ending ATP Finals, his eighth title of the year, Sinner said, “This year, there was no specific goal of winning a Grand Slam or being No. 1 or whatever. It’s going to be the same next year. Whatever we can catch, we take, and the rest we learn.” In 2005, Federer had a 81-4 record. He also won two major titles that year.

Photo Credit: © Robert Deutsch / USA TODAY NETWORK

Roopali
News
20h

Del Potro to play Djokovic in 'goodbye' match on December 1

— The former world No. 3 also opened up about how he's coped with injuries in recent years.
1 min read
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Murray to coach Djokovic for Australian Open
Buzz
3d

Murray to coach Djokovic for Australian Open

— It's a pairing of two of the most successful and popular players in the sport.
1 min read
  • One final chapter in the Djokovic-Murray story. The recently retired Andy Murray is going to coach longtime rival Novak Djokovic. Taking to social media to announce the news, Djokovic said, “We played each other since we were boys - 25 years of being rivals, pushing each other beyond our limits. We had some of the most epic battles. They called us game-changers, risk-takers, history-makers. I thought our story may be over. Turns out, it has one final chapter. It’s time for one of my toughest opponents to step into my corner. Welcome on board, Coach - Andy Murray.”

  • Murray is excited to spend time on the same side of the net as Djokovic. “I’m going to be joining Novak’s team in the offseason, helping him to prepare for the Australian Open. I’m excited for it and looking forward to spending time on the same side of the net as Novak for a change, helping him to achieve his goals,” Murray said in a statement released by his management team.

Roopali
Buzz
8d

Nike dedicates stunning video to Nadal

— The Spanish legend has been a Nike athlete since he was 13 years old.
1 min read
  • It only takes everything. As Rafael Nadal bid goodbye to professional tennis, his long-time sponsor Nike dedicated a beautiful video to one of its most iconic stars. In a social media post, Nike said, “No one has given more to their sport. Or left it all on the court every single time. @RafaelNadal, you showed us what it takes to be the greatest. It only takes everything.” Nike has also updated its social media profile image to Nadal’s iconic bull logo. The Spanish legend has been a Nike athlete since he was 13 years old.

  • A special T-shirt to honour Nadal’s career. Nike has created a special T-shirt to honour Nadal’s incredible career. The front features Nadal’s photo, while the back reads: It Only Takes Everything. Top players of the past and present like Serena Williams, Maria Sharapova, Aryna Sabalenka, Karen Khachanov, Bianca Andreescu and Lorenzo Musetti have already been spotted wearing theirs.

Roopali
Buzz
8d

How Nadal inspired Serena Williams

— To see your career from the beginning to today was an honour, Serena wrote in a social media post.
1 min read
  • A career most won’t dare to dream of. For Serena Williams, Rafael Nadal was an inspiration. In a social media post, she said, “Congratulations on a career that most won’t dare to dream of. I feel so fortunate to have been able to play when you were playing and being great. You inspired me to be better, to play harder, for fight, to never give up, and to win more. No excuses just play the sport. Your legacy will never die. Wow, to see your career from the beginning to today was an honour, champ! Long live Rafa!”

  • This isn’t a retirement, right? You’re moving on! Accompanying her heartfelt caption, Williams filmed a video wearing a Nike T-shirt and a matching bandana with Nadal’s logo and likeness. “Got my Rafa gear together,” she said, adding, “Got it Rafa tight. We’re gonna always love you, we’re gonna always miss you. But let’s go. This isn’t a retirement, right? You’re moving on!”

Roopali