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.