This article was displayed on the ChosunBiz MoneyMove (MM) website at 4:04 p.m. on Mar. 9, 2026.
Fashion platform Musinsa has jumped into the race to secure distribution rights for running shoe brand "Hoka." It was recently confirmed to have proposed becoming the exclusive domestic distribution partner to Hoka's operator, U.S.-based Deckers. With its initial public offering (IPO) underway, Musinsa is seen as moving to secure Hoka's distribution rights to strengthen profitability and diversify its portfolio.
According to the investment banking (IB) industry on the 9th, Musinsa recently submitted a letter of intent to Deckers, a U.S. footwear specialist, for exclusive distribution (general agency) of Hoka. It comes about two months after Deckers terminated its contract in Jan. with JOYWORKS&Co, the previous Hoka distributor, and Musinsa said, "It is true we expressed our intent."
Hoka is a running shoe brand launched in 2009 by Nicolas Mermoud and Jean-Luc Diard, formerly of French outdoor brand "Salomon." After Deckers acquired it in 2013, it rapidly gained global popularity as "running shoes with outstanding cushioning," quickly rising to stand shoulder to shoulder with Nike and Adidas.
It entered Korea in 2018. Centered on the maximal cushioning model Bondi (BONDI), Hoka quickly took root in the domestic market as a daily running shoe. Riding the running boom, sales surged from 10.5 billion won in 2023 to 30.6 billion won in 2024. In the first half of 2025, sales reached 18.8 billion won.
Analysts say Musinsa, ahead of its IPO, has made a bold move to catch the "two birds" of stronger profitability and brand portfolio diversification. With Musinsa touting a valuation of 10 trillion won, relying solely on the platform's commission-based revenue structure has limits in persuading investors.
If it secures exclusive distribution rights, total sales would be recognized as revenue, and it could capture far higher margins than brokerage fees. In fact, Musinsa, aiming to expand its brand import and operations business, has absorbed and merged Musinsa Trading, a distribution subsidiary holding rights for brands such as Dickies and JanSport.
Hoka distribution rights are also expected to positively affect the expansion of Musinsa's footwear specialty select shop "Musinsa Kicks." Musinsa Kicks, built by Musinsa leveraging its brand identity from a footwear community origin, is a footwear curation specialty store, and it is understood to have created specialized zones for running-focused brands such as Hoka.
Financial investors (FIs) in Musinsa, including EQT Partners, are also said to be watching whether Musinsa secures the Hoka distribution rights. As Musinsa embarks on a non-deal roadshow for overseas investors, holding Hoka's general distribution rights could serve as a "global reference" proving its global competitiveness.
Musinsa is said to have been firmly pushing for a valuation of more than 10 trillion won since it selected its IPO underwriters last year. Previously, when EQT Partners invested in Musinsa last year, the valuation was reportedly in the 4 trillion won range. To reach 10 trillion won, it effectively needs to more than double its valuation.
An IB industry official said, "Musinsa is trying to evolve from a simple platform into a brand business operator," adding, "With the running boom continuing, securing exclusive distribution rights for a proven sports brand like Hoka can itself become a competitive edge."