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

Podcast: How I Built This

Published: 2026-02-02

Duration: 56 minutes

Guests: Jean-Luc Diard, Nicolas Mermoud

Summary

Jean-Luc Diard and Nicolas Mermoud revolutionized running shoes with HOKA's unconventional design, leading to a $2 billion business. Their journey highlights the power of innovation, perseverance, and strategic partnerships.

What Happened

Jean-Luc Diard and Nicolas Mermoud, both seasoned athletes and former Salomon employees, founded HOKA with a vision to alleviate the physical toll of downhill running. Inspired by the need for better cushioning and support, they designed shoes with oversized, pillowy soles that initially resembled 'clown shoes.' Despite early skepticism from the market, they pressed on, convinced that hands-on experience would sway opinions.

In 2009, they tested their first prototypes on the trails of ANSI, which yielded positive results. The initial reception was still tepid, with 98% of people doubting HOKA's potential. However, early adopters like elite runners Ludovic Pomay and Carl Melzer validated the shoes' performance, helping to shift public perception.

HOKA faced significant challenges, including cash flow issues and production limitations. However, they cleverly navigated these hurdles by focusing on relentless demonstration and letting the product's performance speak for itself. This strategy proved effective, as runners began to embrace the comfort and efficiency offered by the unique design.

The turning point for HOKA came in 2012 when they partnered with Deckers, a strategic move that provided the necessary resources and market access to expand in the U.S. This partnership was pivotal, as it allowed HOKA to maintain its innovative edge while scaling operations.

The founders' approach to shoe design was revolutionary: they viewed shoes as machines, incorporating elements akin to car engineering like 'engines' and 'tires' to optimize performance. This mindset, combined with their focus on performance proof, helped them avoid being dismissed as a mere gimmick.

Today, HOKA has grown from less than $3 million in sales to over $2 billion annually, a testament to the founders' vision and tenacity. Their success has also contributed to the broader growth of trail running as a sport, highlighting the impact of innovative design in sports equipment.

Key Insights

• HOKA's early prototypes were tested on the trails of ANSI in 2009, and despite initial skepticism, elite runners like Ludovic Pomay and Carl Melzer helped validate the shoes' performance.
• The turning point for HOKA came in 2012 when they partnered with Deckers, which provided the resources and market access needed to expand in the U.S.
• HOKA's design philosophy treats shoes as machines, incorporating elements similar to car engineering such as 'engines' and 'tires' to enhance performance.
• HOKA has grown from less than $3 million in sales to over $2 billion annually, significantly contributing to the growth of trail running as a sport.