Roger Federer Left Nike for a Swiss Startup Making Garden Hose Shoes
Roger Federer won 20 Grand Slam titles, trained with obsessive precision, and turned tennis into an art. But the move that made him a billionaire had nothing to do with a racket. While other stars pitched their tents with the big names, Roger decided to put his money behind a shoe company that started with a garden hose and a wild idea. Here are 10 details about that bet and why it paid off.
The Nike Fallout
Credit: Wikimedia Commons
Roger Federer had been with “Nike” since 1994, when he was still a teenager. The RF logo became one of the most recognized symbols in sports. But when renewal time came, “Nike” chose not to meet the asking price. Roger then signed a reported $300 million clothing contract with “Uniqlo.” Since “Uniqlo” does not make tennis shoes, the agreement left him free to sign a separate footwear partnership.
The Unique Shoe Brand
Credit: Instagram
The search eventually connected Federer with “On Running,” a Swiss company. The idea for their footwear began when co-founder Olivier Bernhard, a three-time duathlon world champion, struggled with Achilles tendon pain. An engineer friend tried to help by attaching pieces of garden hose to the bottom of a pair of running shoes. The prototype looked odd, but Olivier tested it and noticed differences, and the strange experiment inspired the technology behind On Running’s shoes.
Nike’s Link to On Running
Credit: Instagram
Interestingly, Olivier Bernhard was a Nike-sponsored athlete when he developed the prototype for “On.” He took the concept to “Nike,” “Adidas,” and “Puma,” and they all turned him down. He later admitted he understood the rejection, acknowledging that the prototype was hideous. Undeterred, he teamed up with others and founded “On” in 2010. Their first shoe won the ISPO BrandNew Award and helped the startup gain some credibility.
Rogers Original Link to the Brand
Credit: Instagram
The partnership between the tennis maestro and this shoe brand didn’t start with a pitch deck. Roger had been wearing “On” shoes before they had any business conversation, and his wife Mirka wore them too. On’s founders noticed and reached out. Olivier later recalled that Roger was already a fan of the product.
Roger Became a Co-Entrepreneur
Credit: Instagram
In November 2019, Roger joined “On” as a co-entrepreneur and investor, acquiring roughly a 3% stake. Swiss newspaper “Handelszeitung” reported the investment at approximately 50 million Swiss francs, although “On” never officially confirmed the figure. Olivier was clear that their arrangement was unique, as it was not a traditional athlete sponsorship. Roger spent time in On’s lab and even contributed to product development.
Their First Two Shoes
Credit: Instagram
The first product Roger and “On” built together wasn’t a performance tennis shoe. In July 2020, they released The Roger Center Court, a vegan leather lifestyle sneaker. Around 1,000 numbered pairs were dropped through a lottery and sold out immediately. “The Roger Pro,” a proper on-court performance shoe, followed in 2021. With these two launches, the brand was signaling that it was no longer just a running company.
The IPO Turned Everything Up
Credit: Instagram
“On” went public on the NYSE in September 2021, pricing at $24 per share before jumping 46% on its first day of trading. The company debuted with a market value of $7.3 billion, which climbed past $10 billion within days. Roger’s stake, bought years before the offering, was suddenly worth multiples of its original value. The timing of his investment proved as sharp as his legendary backhand.
The Numbers
Credit: Instagram
Roger earned $130.6 million in career prize money, only behind Djokovic and Nadal. His “On” stake is now worth considerably more. Bloomberg’s Billionaires Index estimates his 3% stake to be worth over $500 million, based on a market cap of roughly $17 billion. It’s incredible how one investment made before the IPO generated more wealth than 24 years of Grand Slam tennis.
The Brand’s Growth
Credit: Instagram
“On” reported CHF 2.32 billion in net sales in 2024, up 29.4% year over year, with direct-to-consumer revenue surging 40.3%. The brand has signed elite tennis players, including Iga Świątek, Ben Shelton, and João Fonseca. Collaborations tied to “Loewe” and designer Law Roach pushed it into fashion territory. By late 2025, On’s market cap had climbed to around $14 billion, more than double its valuation four years prior.
Roger Is Now in the Billionaires’ Club
Credit: Instagram
Forbes confirmed in 2025 that Roger had become a billionaire, and even Bloomberg puts his net worth at approximately $1.3 billion. He joins Michael Jordan, LeBron James, and Tiger Woods as athletes who have built billionaire statuses off the field. It’s interesting how a man who once said yes to a shoe made from garden hose parts now holds a stake in a $14 billion company.