Roger Federer said shareholder-athlete model gives On edge as it expands beyond running

Roger Federer believes sportswear brand On Holding's strategy of making elite athletes long-term business partners rather than traditional endorsers is helping fuel its expansion into new sports, as the Swiss company looks to replicate its success in running across tennis, football and golf.

Speaking during his first visit to Shenzhen, the 20-time Grand Slam champion said becoming a co-entrepreneur at On fundamentally changed his relationship with the company, allowing him to contribute to product development and long-term strategy instead of simply promoting products.

"The way I was approached by the founders was to be part of them—not just be a testimonial or a brand ambassador, but to be a partner," Federer said in an interview.

"You have a different mindset. You think much more long term."

Federer's comments offer a glimpse into a business model that has become central to On's growth strategy as the Swiss sportswear company expands beyond its running roots.

Unlike conventional endorsement deals that typically last only a few years, equity partnerships encourage athletes to help shape product development, brand strategy and new business opportunities, aligning their interests with the company's long-term growth.

"I think having a key partner in the company definitely changes the outlook," Federer said. "It could potentially change how brands and athletes work together."

Federer has become one of the best-known examples of the model since joining On as an investor and partner in 2019. Since retiring from professional tennis, he has spent more time working with the company's product teams at its Zurich headquarters, helping design footwear while contributing to broader brand development.

Among his latest projects is The ROGER Pro series of tennis shoes, which combines technologies developed for On's running shoes with the demands of professional tennis.

"I see that as a way to give back—to create a really good tennis shoe for players to stay injury-free, enjoy themselves on court, chase their biggest dreams and win the titles they want to win," Federer said.

He said On's relatively short history in tennis has become an advantage because the company is willing to challenge conventional thinking about tennis footwear rather than follow established industry norms.

The athlete-partnership model is now being extended into other sports.

Last month, On unveiled plans to expand into football and golf as part of its strategy to become a broader premium sportswear brand. The company has signed French football star Kylian Mbappe as a partner while appointing former Arsenal and France striker Thierry Henry as director of football.

Federer said he sees parallels between Mbappe's role in football and his own experience helping build On's tennis business.

"I may have been something of a blueprint within the company for how On entered tennis," he said. "Now Kylian is coming into football."

He added that consumers will be able to watch football products evolve through direct collaboration between athletes and designers, including products using On's LightSpray manufacturing technology.

During his Shenzhen visit, Federer took part in an On-hosted event, including playing with local young players and watching a drone show titled "Thanks for Playing." The campaign, which has been brought to China for three consecutive years, supports grassroots tennis development.

The push to deepen its engagement with Chinese consumers comes as Asia-Pacific becomes an increasingly important growth region for On. The region contributed more than 20 percent of global revenue in the second quarter, with strong momentum across Japan, South Korea and China.

"It's important to persevere, keep dreaming and stay positive," Federer said. "The company is in an amazing place with great momentum, and I hope we can keep the growth going."