Tennis / Federer's Swiss sports brand On Holdingg soared 45.83% on its first day
Swiss sports brand On Holding, which was invested by tennis superstar Roger Federer, was listed on the US stock market on September 15. With the blessing of celebrity halo, On Holding's stock price performed brilliantly on the first day, and the final price rose 45.83%, showing a strong honeymoon market.
BBC, Bloomberg and other foreign media reported that On Holding was officially listed on the New York Stock Exchange on the 15th under the trading code "ONON". On Holding's stock price opened at 35.4 US dollars that day, the highest intraday rushed to 38 US dollars, and finally closed at 35 US dollars, which was 45.83% higher than the IPO price of 24 US dollars, and the valuation reached 11 billion US dollars.
Founded in 2010, On Holding is one of the fastest growing sports shoe brands in the world. The insole has a unique tubular air cushion, which has a good decompression and shock resistance effect. In 2019, Federer became a shareholder of On Holding and launched a joint design shoe model in 2020, priced at approximately US$200.
On Holding also produces 100% recyclable sports shoes "Cyclon", mainly made of natural material castor beans. In particular, this shoe uses a subscription system. If the shoes wear out for a long time, they can be sent back to the company for a new pair of shoes.
The report pointed out that the timing of On Holding’s listing coincided with the hot sale of sports shoes. The reason is that European and American countries have successively unblocked them. Many people have regained their long-lost outdoor sports and can’t wait to buy new outfits.
According to data from market research firm NPD, On Holding’s market share in the United States has more than doubled in the past 12 months, from 1.4% to 3.3%. According to a document submitted by On Holding to the U.S. Securities and Exchange Commission (SEC), On Holding’s global revenue increased by 85% in the first six months of 2021, reaching US$344 million. North America is the largest market, accounting for 49% of total revenue.