For over twenty years, Roger Federer’s every glide across the court, every thunderous forehand, and every elegant trophy lift carried the unmistakable ‘swoosh.’ Nike wasn’t just a sponsor for Federer—it was part of his identity. Fans associated the Swiss Maestro’s crisp white headbands, his sleek shoes, and his iconic Wimbledon whites with the brand that had stood by him since his teenage years. Federer signed with Nike when he was just 13 years old. Nike had even created its iconic RF logo, which brought in a lot of buzz in the tennis world. But in 2018, he did the unthinkable—Federer walked away.

After his split with Nike, he first signed a deal with Japanese clothing brand Uniqlo. That contract was reportedly worth around $300 million over the next ten years. But a year later, i.e., in 2019, Federer joined On as a co-entrepreneur and investor. His partnership with the Swiss athletic footwear company began after he became a fan of their running shoes, and it developed into a comprehensive role in their product development and marketing. But what really made him invest $50 million for a 3% stake in Swiss footwear brand On, and did he expect this deal to hit the jackpot, especially after recently moving out from a successful partnership with Nike?

In a recent interview with CNBC television, Roger Federer spoke about his decision to leave Nike for On. He said, “I never thought it was going to work this well. All I thought was it would be cool to work with a Swiss brand, help the guys out. Because actually we started working on a shoe before I even had a deal with On, because I thought it'd be nice to help a Swiss brand out in the market. I thought that was incredibly difficult to succeed. So now you could think I was a little naive of what I did or had a good sense. I'm not sure.”

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As per Celebrity Net Worth, Federer is currently worth around $750 million. He has several endorsement deals with multiple big brands like Credit Suisse, Rolex, Mercedes-Benz, and many more. But what makes his partnership with On so special? In a previous interview, Federer claimed, “I wanted to help a Swiss brand create something cool. Do something different and make something meaningful.” 

Talking about the brand, as per several reports published in May 2025, On has gained massive strides in its competition with Nike and Adidas. According to the reports published at that time, another quarter of unexpected growth has notched another $3 billion to their brand’s value. Reports suggest there was a 43% surge in revenue in the first quarter of 2025 compared with a year earlier, while it increased its revenue and profitability guidance for the rest of the year. On is now, in fact, the third most valuable publicly traded footwear brand in the world behind Nike and Adidas. How does Roger Federer see this growth?

In that same interview with CNBC, he said, “But, you know, I did hope that they were going to be successful, but never at the speed like that. You know, I didn't know that a brand could grow this quickly. It's been a wonderful journey, and obviously, it's still so much more ahead. I mean, the numbers are incredible, and we hope we can keep going and obviously also potentially enter new sports, obviously if we want growth.” As per the latest reports, his stake in On is currently worth nearly $500 million. Just to draw a comparison, Federer earned $130.6 million in prize money over his 24-year dominance on the court! 

So, you can get an idea about how massive this step was for Roger Federer! But which are the other tennis stars involved with On?

Players who have joined hands with Roger Federer’s ON

Roger Federer’s partnership with On is far from your typical sponsorship agreement and even differs greatly from a basic equity play. Instead, the partnership is about two Switzerland-based powerhouses getting to know each other and then deciding that business was about friendship. Talking about this partnership, Capar Coppetti, one of the founders, revealed, “We were unsure. Roger is so much bigger than Switzerland; he was much bigger than On was at the time.” But somehow it clicked for both parties.

Now, Roger Federer wants On’s wings to be spread across the sport. Already, several superstars, including Iga Swiatek, Ben Shelton, João Fonseca, and Flavio Cobolli, had joined hands with the brand. Surely, there will be plenty more to join that list in the next few years. Speaking about these partnerships, Federer said, “I want to see the best movers in the game in THE ROGER, so I get a real kick when I see Iga or Ben doing well in them, winning tournaments. But I also think it’s cool when I see other players, players without contracts or any association like that, who are wearing them.”

Iga Swiatek created an off-court milestone by joining hands with On in 2023. While sharing her thoughts about the partnership, she said, “I’m very excited to be the first female player to join with On. And truly thrilled how On's Lightning innovation team works and adapts technologies to meet the demands of athletes, supporting their careers.” She stated that On’s core values connect her more with the company, and she looks forward to growing with the brand and setting an example for other players who aim to be the best.

On the men’s side, Ben Shelton also shared his excitement to join hands with Roger Federer’s On by saying, “As someone in the early stage of my professional career and a challenger on the tour, I love that I’ve partnered with a company that has years of experience in sports performance and is looking to take over a new sport like tennis. I’m really pumped to be the first male tennis player sponsored by On.”

For Joao Fonseca, this partnership is more like an opportunity to connect with his tennis idol, Roger Federer. Seeing these big names getting involved with the brand, do you think that in the upcoming years, On can really overtake the ‘big fish’ in the market, like Nike and Adidas?

Written by

Sayantan Roy

Edited by

Shrabana Sengupta