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