The Swiss footwear company On, owned by Roger Federer, accumulates the same income until September as in all of 2024, about 2,400 million euros, at a time of full expansion of the company, which lands in Spain with formulas such as the ‘renting’ of sneakers.
Sponsored by the Swiss former tennis player, the company has opened its first stores in Madrid and Mexico City and offers a format whereby customers do not own sneakers, but subscribe to the brand to exchange their sneakers for others once they wear out, with no time limit.
The Swiss company launched this service after the pandemic, for which the consumer pays an amount month by month, as happens with a car or for a cloud storage application, which allows them to change their shoes once they have been worn out.
The user does not really buy specific shoes, but instead receives some sneakers that they can use and return when they are worn out to receive others from the same brand, the Swiss firm, which calls this new program Cyclon, explains on its website.
The firm, barely fifteen years old, earned 2,318 million Swiss francs (about 2,460 million euros) in 2024, while the accumulated profit was 242 million francs, about 257 million euros.
However, in the first nine months of 2025, turnover has amounted to 2,270 million Swiss francs (about 2,420 million euros), almost the same figure as in the total of 2024 with one quarter remaining, although the accumulated profit in this period has been 134.6 million Swiss francs, about 144 million euros.
Company sources do not detail what percentages of income this new format represents, but they do explain that “the objective is to use the shoes for as long as they last.”
“After six months, the subscriber receives an email asking if they are ready to recycle and request their next footwear,” they say when asked how this process works, in which part of the old sneakers come from up to 99.5% recycled material.
Roger Federer as a collaborator and landing in Madrid
Founded by three partners, one of them was Swiss Ironman athlete Olivier Bernhard, who “started experimenting with pieces of hose by gluing them to the sole of a prototype” to achieve better cushioning.
And, according to the company, that same goal of comfort was precisely what caught the attention of Roger Federer, who does not “sponsor” the shoes, but instead seeks to be another “entrepreneur” through new releases.
Already in 2020, the company launched The Roger shoes, developed by Federer – who has a minority stake – and with which the tennis legend honored his first victory at Wimbledon two decades ago.
Specializing in footwear for runners, the company opened its first store in Spain this November, on Serrano Street in Madrid, while it also ‘premiered’ in Mexico City that same month.
The firm details that these new markets represent a significant opportunity for On to “expand its global reach and consolidate its ‘premium’ positioning in the sports industry.”
At the moment, the company capitalizes about 22,000 million dollars, while expanding its sponsorships, as it dresses tennis players such as the Polish Iga Swiatek, number two in world tennis, or the American Ben Shelton, ninth in the ATP ranking.
