Global headquarters Deckers of global running shoe brand HOKA ended its contract with former Korea distributor Joyworks, leaving the domestic distribution rights effectively vacant. Behind-the-scenes competition in the fashion industry over the next distributor is heating up.
According to related industries on the 6th, major domestic fashion corporations including Musinsa, Shinsegae International, and E-Land Group are said to be showing interest in HOKA's Korea distribution rights. With the recent growth of the running and athleisure market and HOKA's high profitability aligning, it is being viewed as a cash-cow brand.
Musinsa has publicly expressed its intent to secure the HOKA rights and is said to be in contact with Deckers. Musinsa is emphasizing its strengths, including its competitive online platform, its identity rooted in the footwear community, its experience distributing global brands through Musinsa Trading, and the expansion of its offline Musinsa Kicks (shoe stores). With an initial public offering (IPO) ahead, the need to expand the scale of its brand business is also cited as a backdrop.
Shinsegae International is also cited as a strong candidate. It previously took part in the bidding competition for HOKA's Korea distributorship, and its operation of Deckers' flagship brand UGG in Korea has built a stable collaboration with headquarters, which is viewed as a strength. A Shinsegae International official said, "We are watching the situation. We have not yet actively contacted headquarters."
E-Land World is mentioned as a candidate with a nationwide distribution network, experience operating large stores, and logistics capabilities. It currently sells New Balance, but as New Balance has declared a direct entry into the Korean market, cooperation between New Balance and E-Land World is set to continue only until 2030. There is speculation it will actively jump into the competition for HOKA's distribution rights to fill the void left by New Balance.
LF Corp. is also mentioned as a candidate. LF is expanding into the sports segment that combines functionality and lifestyle. In 2022, it secured and has been operating the distribution rights for global sports brand Reebok. Analysts say it could strengthen its sports and athleisure portfolio through HOKA.
There is also talk that Deckers could establish a Korean subsidiary and enter directly. However, considering the burden of clearing existing stores and inventory and rebuilding the distribution network, the likelihood of execution in the short term is viewed as low. ChosunBiz sent multiple emails to headquarters asking about the possibility of a direct entry but received no reply.
Riding the running boom, HOKA has grown rapidly in Korea and emerged as a "big 5" running shoe brand alongside Nike, New Balance, Asics, and Adidas. Global revenue for the 2025 fiscal year rose more than 23% year over year to $2.2 billion (about 3.22 trillion won). In Korea, Joyworks recorded 82 billion won in revenue in 2024. HOKA is said to account for 80% to 90% of that. Given last year's growth, there is also an outlook that domestic revenue could reach 100 billion won.
When E-Land Group brought in New Balance in 2008, its revenue was only about 30 billion won, but it recorded 1.2 trillion won last year. HOKA is also being rated as having high growth potential in the domestic market going forward.
Industry watchers say this reshuffle of distribution rights will be a turning point that goes beyond a simple distributor change to determine the landscape of Korea's running and athleisure market and the competitive dynamics among fashion corporations. A distribution industry official said, "Athleisure has been steadily popular recently, and HOKA is among the brands gaining significant popularity, so there is intense interest in who will hold the rights," adding, "Depending on the strategy of the distributor that secures the rights and its brand operation, HOKA's growth pace in Korea could accelerate."