After another stellar year, Hoka was honored with the Brand of the Year award at the 37th annual FN Achievement Awards in New York on Wednesday.
The running shoe brand has consistently seen skyrocketing growth since Deckers acquired the running brand in 2012. In fiscal 2023, Hoka crossed the billion-dollar mark, with sales totaling $1.41 billion, up 58.5 percent from the prior year’s $891.6 million. In its most recent second quarter, Hoka posted net sales of $424 million, up 27.3 percent from the same period the previous year.
But strong financial results aside, Deckers CEO Dave Powers attributed Hoka’s recent success to something he described as the company’s “secret sauce.”
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“The success of Hoka over the years is great from a business perspective, but what’s really important to us is how it enables people to do good things for our community,” Powers said in his speech accepting his award. “Our employees really value the opportunity to do good in the world. And our philosophy around ‘doing good and doing great’ really means that the better we do in business, the more good we could do in the world and in our communities. That drives our culture, it drives our ambition, that drives retention and excitement in our employees. And it’s something that I think is our secret sauce as an organization.”
Long distance Hoka-sponsored runner Stephanie Bruce, who presented the award to Hoka, also lauded Hoka for its commitment to values.
“Hoka has stood behind me as a brand that not just values what place and what time I finish across the line, but who I am and what I do off the roads,” Bruce, a mother of three, said. “We share a common ethos of ‘If you believe, we believe.’ Hoka is the most authentic sports shoe brand out there.”
When it comes to specific product, Hoka’s Clifton, Bondi, Speedgoat and Mach have all been popular franchises for the brand this year, Powers said during an interview with FN earlier this year. He also noted that new performance products outside of the “typical run space” are winning over more consumers.
Powers also had some words for some of his athletic footwear competitors in the room during the event.
“Nike, Adidas: We have a lot in our pipeline too,” Powers said. “So get ready.”
For 37 years, the annual FN Achievement Awards — often called the “Shoe Oscars” — have celebrated the style stars, best brand stories, ardent philanthropists, emerging talents and industry veterans. The 2023 event is supported by sponsors Authentic Brands Group, Birdies, Caleres, Crocs, FDRA, Nordstrom, Saucony and Vibram.
