Roger Federer Loses Billionaire Status
Tennis legend Roger Federer recently saw a significant drop in his wealth, losing his billionaire status. This change followed a steep decline in the shares of his luxury sneaker brand, On, which experienced disappointing sales figures.
Reports indicate that the company’s stock fell by 19%, costing Federer around $52 million given his 2.5% ownership stake in the company. On Holding made its debut on the New York Stock Exchange in 2021, achieving a remarkable valuation spike last year that had previously elevated Federer to billionaire status.
According to estimations, his current net worth now stands at approximately $952 million, down from an estimated $1.1 billion last year.
While it’s unlikely that Federer is losing sleep over his financial downturn, losing over $200 million is still a significant hit.
Originating in Zurich, Switzerland, On has transitioned from a high-performance running shoe company to a notable global brand. Part of the brand’s growth last year was fueled by the positive reception to Federer’s “The Roger” shoe series.
Federer joined On in 2019, serving as co-owner and a casual fashion consultant. This investment marks his most lucrative venture.
Much of his financial success can be attributed to his lengthy tennis career and lucrative sponsorships, where he amassed over $130 million in prize money alone.
Off the court, he has had even greater success, notably signing a 10-year, $300 million apparel deal with Uniqlo in 2018, which ended his 24-year partnership with Nike. Even after retiring in 2022, his sophisticated image has helped Uniqlo strengthen its global market presence.
Mike Nakajima, a former Nike tennis director who has worked with many tennis stars, described it as a significant loss for Nike to lose Federer.
Nike reportedly invested $172 million to secure him, while Uniqlo moved in to finalize negotiations, showing no signs of retreating on that front.
Before joining Uniqlo, Federer was one of the most marketable athletes worldwide, with sponsorship deals that included Rolex, Mercedes-Benz, Gillette, and Lindt chocolates. One particularly notable deal was with NetJets Private Jets, valued at $115 million.
Known for his interest in fashion design, Federer has not hesitated to explore future opportunities in this area. He and his wife, Mirka, are parents to four children: twin girls aged 16 and twin boys aged 11.
Given his vast experience, it’s likely that we’ll continue to see Federer enjoying tennis events like Wimbledon, sporting both Rolex watches and On sneakers for the foreseeable future.
