Hellen Obiri's management co-owned by Roger Federer hits billions of profit following quarterly review

Hellen Obiri's management co-owned by Roger Federer hits billions of profit following quarterly review

Abigael Wafula 08:37 - 16.05.2024

Hellen Obiri's management, which is co-owned by tennis icon Roger Federer, has hit great milestones in their quarterly financial review, making billions of profit from their sales.

On Holding, the Swiss apparel maker co-owned by tennis legend Roger Federer, has announced its first-quarter profit that has more than doubled.

The brand also manages long distance runner Hellen Obiri, a two-time Boston Marathon champion and the reigning New York City Marathon champion. With her second successive win in Boston, she became the first repeat champion since 2005.

On has also made a big win following Obiri’s inclusion in the Kenyan Olympic marathon team, and she will certainly be one of the favourites to win the race.

The company is also listed on the New York Stock Exchange and from their announcement, said its first-quarter profit rose to about Ksh 13 billion from the Ksh 6 billion as revenue rose 21% to Ksh 73 billion.

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As reported by Market Watch, the NYSE-traded shares rose 15% at the market opening and finished the day up 18% to close at $36.30 a share.

This was a change from many recent earnings releases where On stock fell despite high growth, as Wall Street wanted more from the high-flying brand.

Meanwhile, On has been making great progress with North America continuing to be the largest market for On, representing 65% of total sales.

“The significantly increased DTC share has also allowed us to reach a very strong gross profit margin in the first quarter.

“We’re extremely excited for the months to come, filled with groundbreaking innovations, big partnerships, and the opportunity to have a notable impact in Paris this summer,” Martin Hoffmann, On co-CEO said in a statement.

Meanwhile, On was founded in 2010, and its profile got a boost in 2019 when tennis icon Federer invested in the company as part of an endorsement agreement following his split with Nike.