# HOKA: Jean-Luc Diard and Nicolas Mermoud. The “Clown Shoe” That Became a $2B Bonanza

- Show: [How I Built This](https://hardwarepodcasts.com/podcast/how-i-built-this)
- Published: 2026-02-02
- Length: 55m
- Page: https://hardwarepodcasts.com/podcast/how-i-built-this/2026-02-02-hoka-jean-luc-diard-and-nicolas-mermoud-the-clown-shoe-that-became-a-2b-bonanza

## Summary

Jean-Luc Diard and Nicolas Mermoud, former executives at Salomon, founded HOKA to solve the physical toll of downhill running by creating a shoe with an oversized, soft midsole and a rocker shape. Facing skepticism from retailers and early cash flow bottlenecks that prevented them from scaling production or marketing effectively, they relied on elite runner validation to build credibility. Their breakthrough came through a strategic minority investment from Deckers, which provided the capital and U.S. distribution network needed to grow from under $3 million to over $2 billion in annual sales.

## Chapters

- [5:08](https://hardwarepodcasts.com/podcast/how-i-built-this/2026-02-02-hoka-jean-luc-diard-and-nicolas-mermoud-the-clown-shoe-that-became-a-2b-bonanza#t=308) Salomon Legacy and the Downhill Problem
- [21:06](https://hardwarepodcasts.com/podcast/how-i-built-this/2026-02-02-hoka-jean-luc-diard-and-nicolas-mermoud-the-clown-shoe-that-became-a-2b-bonanza#t=1266) Designing the 'Clown Shoe' Prototype
- [36:05](https://hardwarepodcasts.com/podcast/how-i-built-this/2026-02-02-hoka-jean-luc-diard-and-nicolas-mermoud-the-clown-shoe-that-became-a-2b-bonanza#t=2165) Validating Performance with Elite Runners
- [44:18](https://hardwarepodcasts.com/podcast/how-i-built-this/2026-02-02-hoka-jean-luc-diard-and-nicolas-mermoud-the-clown-shoe-that-became-a-2b-bonanza#t=2658) Supply Chain Constraints and Cash Flow Crisis
- [48:47](https://hardwarepodcasts.com/podcast/how-i-built-this/2026-02-02-hoka-jean-luc-diard-and-nicolas-mermoud-the-clown-shoe-that-became-a-2b-bonanza#t=2927) The Strategic Partnership with Deckers
- [52:19](https://hardwarepodcasts.com/podcast/how-i-built-this/2026-02-02-hoka-jean-luc-diard-and-nicolas-mermoud-the-clown-shoe-that-became-a-2b-bonanza#t=3139) Scaling to $2B and Maintaining Rebel Spirit

## Topics

- [Starting a product company](https://hardwarepodcasts.com/topic/starting-a-company)
- [Materials & manufacturing processes](https://hardwarepodcasts.com/topic/materials-and-processes)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Retail, wholesale & distribution](https://hardwarepodcasts.com/topic/retail-and-distribution)
- [Fundraising & investors](https://hardwarepodcasts.com/topic/fundraising)
- [Validation & product-market fit](https://hardwarepodcasts.com/topic/validation-and-product-market-fit)

## Most relevant to

early-stage companies, companies scaling up

## Mentioned

- Salomon (company)
- George Salomon (other)
- Deckers (company)
- Teva (product)
- UGG (product)
- REI (company)
- MBT (product)
- Ludovic Pomay (other)
- Diane Finkel (other)
- Anil Martinez (other)

## Related episodes from other shows

- [026: Developing Shoes with Removable Heels, Tanya Heath of Tanya Heath Paris](https://hardwarepodcasts.com/podcast/product-startup/2016-11-08-026-developing-shoes-with-removable-heels-tanya-heath-of-tanya-heath-paris) (Product Startup)
- [046: Bootstrapping Product Development, Stephanie Cummings & Tal Berke of Shlocker](https://hardwarepodcasts.com/podcast/product-startup/2017-03-28-046-bootstrapping-product-development-stephanie-cummings-tal-berke-of-shlocker) (Product Startup)
- [Founder Feature: Matt Jacobs and Kristen Doyle of Pedestrian Project](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2024-07-12-founder-feature-matt-jacobs-and-kristen-doyle-of-pedestrian-project) (The Startup CPG Podcast)
- [Hippy Feet is the coolest company you haven't heard about until now! Michael Mader, CEO](https://hardwarepodcasts.com/podcast/people-of-packaging/2025-11-05-hippy-feet-is-the-coolest-company-you-havent-heard-about-until-now-michael-mader) (People of Packaging)
- [#179 - Bootstrap Heroes: Hazard's Hop Water, SWAIR, Gourmend Foods](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2025-01-21-179-bootstrap-heroes-hazards-hop-water-swair-gourmend-foods) (The Startup CPG Podcast)

## Citing this page

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