Musinsa emerges as dark horse in race for Hoka distribution rights

Musinsa Kicks, a footwear-focused specialty store in Hongdae / Courtesy of Musinsa

By Ko Dong-hwan

• Published Jan 22, 2026 11:18 AM KST

Musinsa, Korea’s leading fashion platform, has officially entered the competition to secure domestic distribution rights for Hoka, the premium running shoe brand that has taken the local market by storm.

While major fashion conglomerates have long been vying for a deal with Hoka’s parent company, Deckers Outdoor Corp., Musinsa’s entry as a “dark horse” is shifting industry attention. Experts are closely watching whether the platform can leverage its marketing and branding strengths to outmaneuver traditional retail giants.

According to industry sources on Wednesday, Musinsa recently initiated talks with Deckers regarding a potential partnership. Although the platform showed little movement late last year, it has reportedly pivoted to actively pursue the brand after reassessing Hoka’s rapid growth potential in Korea.

“Internal evaluations of Hoka’s brand recognition and symbolism are highly positive,” a Musinsa official said. “We are seriously considering ways to maintain and evolve the brand’s identity and philosophy in the Korean market.”

Industry observers see the move as a “secret weapon” for Musinsa’s brand expansion.

To strengthen this segment, Musinsa is merging with its wholly owned subsidiary, Musinsa Trading, a specialist in brand distribution. The platform aims to add systematic expertise and speed to its portfolio, which already includes global names such as Noah, Dickies, Marine Serre, Sleepy Jones, JanSport and Champion.

Founded in 2009, Hoka has gained popularity in Korea thanks to its signature cushioning and the nationwide “running boom.”

According to Deckers’ latest earnings report, Hoka’s global revenue for fiscal year 2025 reached $2.2 billion, up 23.6 percent from the previous year. While slightly lower than its sister brand UGG's $2.5 billion, Hoka’s growth rate surpassed UGG’s by more than 10 percentage points.

The competition intensified after Deckers terminated its contract with a smaller Korean distributor late last year. For traditional fashion firms such as Shinsegae International, LF and E-Land World, securing Hoka is seen as a vital way to diversify portfolios amid cooling luxury sales due to high inflation.

“Premium sports brands with loyal fan bases are like ‘rain during a drought’ for the industry right now,” an industry insider said. “Hoka is one of the fastest-growing brands in Korea because it blends high performance with fashionable design.”

The race also highlights differences in the contenders’ track records. Shinsegae International acquired Salomon rights in 2013, but exited in 2015 after underperforming. Ironically, Salomon later became a massive hit in the 2020s through the “gorpcore” trend — where activewear is worn as streetwear — success largely credited to Musinsa’s marketing and content strategies.

Similarly, LF acquired Reebok in 2022, but has struggled to regain the brand’s influence compared with rivals such as Nike, Adidas and New Balance. Analysts note that traditional corporate structures often falter in engaging the community-based “network marketing” and “running crew” culture critical to a brand like Hoka.

In contrast, Musinsa is aggressively expanding offline.

The platform recently launched “Musinsa Kicks,” a specialized footwear store in Hongdae, and plans to open 10 more locations this year, directly challenging offline distributors long dominated by players like Japan’s ABC-Mart.

“Musinsa possesses branding scalability that is hard for others to match, from high-quality fashion editorials to collaborations with trending designer brands,” a retail analyst said.

“For Deckers, a partner with superior marketing and brand-building capabilities is likely more attractive than one focused solely on sales volume.”