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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Musinsa has entered the competition to secure the exclusive Korean distribution rights for HOKA, the running shoe brand owned by U.S.-based Deckers Outdoor, setting up a head-to-head battle with Shinsegae International.
With HOKA’s former local distributor Joyworks effectively sidelined due to owner-related risks, the brand’s Korean distribution rights have become vacant. Industry observers say the outcome of this race could significantly reshape the domestic fashion and sportswear landscape.
According to industry sources on the 27th, Musinsa is currently in discussions with Deckers’ headquarters regarding the acquisition of HOKA’s Korean distributorship. Musinsa is highlighting its strong online platform influence combined with its rapidly expanding offline retail footprint as a key competitive advantage. However, it has yet to be decided whether Musinsa would focus primarily on platform-based distribution or take over full-scale store operations.
Musinsa’s move is widely seen as part of its broader strategy to expand its brand business ahead of a planned initial public offering (IPO). Late last year, the company also moved to strengthen its brand distribution capabilities by pursuing a merger with Musinsa Trading, its wholly owned subsidiary specializing in global brand distribution.
“Musinsa’s achievement of 1 trillion won in annual revenue was driven in no small part by the distribution rights of brands it introduced to Korea,” said a fashion industry official. “For Musinsa, securing the HOKA distributorship is an opportunity it cannot afford to miss.”
Competition, however, is fierce. Shinsegae International, LF, and E-Land World are all considered potential contenders. Among them, Shinsegae International is regarded as Musinsa’s strongest rival. The company had already shown strong interest in HOKA during the previous bidding process, when Joyworks ultimately won the rights, and is once again taking an aggressive stance.
Shinsegae International’s strongest asset is its long-standing and stable partnership with Deckers, built through the successful local operation of UGG, Deckers’ flagship brand.
E-Land World is also frequently mentioned as a potential candidate, but industry insiders believe it is taking a more cautious approach given that it already operates New Balance, a competing sportswear brand, in Korea.
The intense behind-the-scenes competition reflects HOKA’s strong profitability. Joyworks posted sales of 82 billion won in 2024, with HOKA reportedly accounting for 80–90% of total revenue. Securing the distribution rights would effectively provide an instant cash cow worth more than 70 billion won annually. Given that HOKA grew its sales by 23.6% last year alone, some analysts expect the brand’s Korean revenue to surpass 100 billion won in the near future.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
