This article originally ran on the ChosunBiz MoneyMove (MM) site on March 9, 2026, at 4:04 p.m.
Fashion platform Musinsa has thrown its hat into the ring to secure distribution rights for running-shoe label Hoka. Sources confirm Musinsa recently proposed becoming Deckers’ exclusive distributor in South Korea. With an IPO underway, the company appears to be targeting Hoka to lift profits and diversify its brand lineup.
On March 9, investment banking sources said Musinsa submitted a letter of intent to Deckers, the U.S. footwear company that owns Hoka, proposing exclusive (master) distribution. Deckers ended its contract with former master distributor Joyworks & Co. in January, and Musinsa’s offer arrived roughly two months later. Musinsa has confirmed it did submit the proposal.
Hoka launched in 2009 when Nicolas Mermoud and Jean‑Luc Diard, both veterans of French outdoor brand Salomon, created the running-shoe label. Deckers acquired Hoka in 2013, and the brand quickly gained global fame for its exceptional cushioning—rising to stand alongside the likes of Nike and Adidas.
Hoka entered the Korean market in 2018. Anchored by its maximal-cushion Bondi model, Hoka established itself as a go-to everyday running shoe. Riding the running boom, sales jumped from 105억원 (≈ $7.9M) in 2023 to 306억원 (≈ $23.0M) in 2024. In the first half of 2025, Hoka posted sales of 188억원 (≈ $14.1M).
Analysts say Musinsa’s move is an aggressive play ahead of its IPO to tackle two priorities at once: stronger profitability and a more varied brand portfolio. Musinsa is pitching a 10조원 (≈ $7.5B) valuation, and relying solely on platform fees may not be persuasive enough for investors.
Securing exclusive rights would let Musinsa record those sales as its own revenue and capture much higher margins than it earns from marketplace commissions. Musinsa has already been expanding its brand-import and operations business—absorbing Musinsa Trading, the distribution arm that held rights for brands like Dickies and Jang Sports.
Landing Hoka would also give a lift to Musinsa Kicks, the company’s shoe-focused edit shop. Born from a shoe community, Musinsa Kicks now operates as a curated retail concept that reflects the brand’s identity; the chain already features running-focused zones for labels like Hoka.
Financial backers, including EQT Partners, are reportedly watching closely. On non-deal roadshows targeting overseas investors, Musinsa could use Hoka’s master distribution as a “global reference” to showcase its international competitiveness.
Since selecting its IPO lead manager last year, Musinsa has pushed for a valuation north of 10조원 (≈ $7.5B). When EQT Partners invested last year, they valued Musinsa in the 4조원 (≈ $3.0B) range. Reaching 10조원 would require more than doubling that valuation.
An investment banking industry source said, “Musinsa is evolving from a simple platform into a brand operator. With the running boom continuing, exclusive distribution rights for proven sports brands like Hoka could be a real competitive advantage.”
