Stefano Caroti, the president and CEO of Deckers Brands, recently sat down for an exclusive interview with LUXE.CO in Shanghai.
This time, his visit was to unveil the world’s first HOKA brand experience center.
For both Deckers Brands and the Chinese market, HOKA is a relatively young yet rapidly growing brand. In its eighth year in the Chinese market, this high-performance footwear and apparel brand has now opened its second “world-first” in the region.
With over 30 years of management experience in the sports and outdoor industry, Stefano Caroti has deep insights into channel development. He told us that the group’s experience in building premium brands is precisely what enabled HOKA’s success.
“Deckers owns multiple brands. Through the process of building each one, we’ve accumulated knowledge and learned what it takes to create a truly great brand.”
When HOKA was first acquired by Deckers in 20123, it was still relatively small and categorized as an “Other Brands” in the company’s financial reports. By fiscal year 2019, when it was first listed independently, net sales was only $223 million. Today, HOKA’s net sales have surpassed $2.2 billion in the fiscal year 2025. Over the past six years, net sales has grown nearly tenfold.
At the world’s first HOKA brand experience center, located on Madang Road in the Xintiandi area of Shanghai, Stefano Caroti shared with us the secrets behind HOKA’s rapid growth and why he sees the Chinese Mainland as a key market for the brand’s long-term development.
Above: Opening of the world’s first HOKA brand experience center
I. Passion and Authenticity Are What Resonate
Stefano Caroti entered the industry out of a deep love for athletic footwear. He describes himself as possibly one of the earliest sneaker collectors. He was particularly drawn to HOKA’s quirky and niche appeal and decided to join Deckers Brands.
When asked why, as a seasoned sneaker enthusiast, he’s so fond of HOKA, Stefano reminisced, “I remember the first time I saw HOKA. I was living in Germany at the time. I walked into a running store in Hamburg and looked up at the wall. There they were: these goofy-looking shoes, chunky, colorful… they looked like clown shoes. I think it was the original MAFATE. I thought to myself, ‘This is interesting. Is this brand HOKA ONE ONE?’ So I looked it up online and read about Nicolas and Jean-Luc.
I looked at their portfolio, and honestly, I was impressed. One of the reasons I ultimately joined Deckers was because of the HOKA brand. I really believed these guys had created something special that could transform the entire category.”
HOKA’s exaggeratedly thick soles were actually inspired by mountain bike mechanics, designed to act like wheels and propel the foot forward, helping runners return to a more natural gait with ease. This concept became the brand’s signature MetaRocker geometry. Stefano described it as:
“At the heart of HOKA is the MetaRocker, which facilitates forward momentum. Combined with our signature cushioned midsole, it delivers an exceptionally soft ride. Then there’s the active foot frame, which cradles the foot, almost like being in the cockpit of a Formula One car. These are the core design codes that define the HOKA brand.”
Above: BONDI 9
Above: TECTON X 3
To this day, Stefano Caroti still runs outdoors every weekend with the HOKA founders, wearing the brand’s trail running shoes and testing the products as they go.
He shared how HOKA has personally transformed his life. In his youth, he played football, but a ligament injury stopped him from running—until the HOKA founders inspired him to start again. Now, he’s passionate about trail running.
One moment that particularly inspired Stefano was seeing more people on his team fall in love with running because of HOKA. He shared that employees at HOKA’s China office go on weekly runs:
“Some people had run 100 kilometers, othersomes 5 kilometers. But everyone on the team took up running and truly embraced the brand. I think that kind of passion, authenticity, and inclusiveness really connects with consumers and people in general.”
During the conversation, he recommended his current go-to shoe, the MAFATE X, an advanced evolution of HOKA’s first model, MAFATE. It features bold, unique aesthetics, striking colorways, and the brand’s most powerful carbon-plated cushioned midsole to date. He proudly said:“MAFATE X really captures what HOKA is about. It has a distinctive, bold look that really embodies the spirit of the brand. We create real solutions for real people.”
Above: MAFATE evolution display wall at B1 of HOKA’s world-first brand experience center
Currently, Stefano Caroti has completed the ETC category (15 km, Climb 1267m+) of the UTMB World Series and ambitiously plans to tackle the MCC category (40 km) this year.
UTMB is considered the pinnacle of trail running events. In 2022, HOKA became the first global Premier Partner of the UTMB World Series. Last year, it elevated its partnership to Title Sponsor of the UTMB World Series Majors and Finals, extending the collaboration through 2028.
Above: At last September’s UTMB in Chamonix, Vincent Bouillard, HOKA Senior Manager of Product Engineering – Innovation Senior Product Development Manager at HOKA’s Global Innovation Center, achieved a historic first-place finish.
Luxe.CO: What do you believe is the key to HOKA’s success?
Stefano Caroti: I think consumers today, in the Chinese Mainland and elsewhere, are looking for brands that offer authenticity, innovation, and purpose, especially when it comes to performance products. HOKA was born with a clear purpose. The product was created by Jean-Luc Diard and Nicolas Mermoud, who were ultramarathoners, adventure racers, mountain bikers, and skiers. They came from gravity sports, and they developed a product solution to make long-distance and downhill running easier, faster, and more comfortable across multiple terrains. That same approach applies directly to what we do today.
Consumers want brands that deliver real, tangible benefits, especially when it comes to performance products. That’s one reason the brand resonates. The other is our values, optimism, authenticity, joy, and inclusion, which strongly connect with the running community. We’re not an exclusive brand. We’re inclusive. We want to bring everyone to the starting line, whether you’re a sub-three-hour marathoner or running the very first race of your life.
Luxe.CO: As President and CEO of Deckers Brands, what are your current priorities for HOKA?
Stefano Caroti: First of all, to lead with innovation, and to keep pushing the boundaries. Since taking over, I’ve doubled down on that. Strong competition drives us to keep leading. We’ve launched a number of new products. We’ve upgraded our two top franchises, the BONDI and the CLIFTON, we launched our fastest shoe to date, the CIELO X1 2.0, which helped our athletes achieve personal bests, the MAFATE X, our most cushioned trail shoe to date, with a carbon plate.
Accelerating innovation, staying focused on the consumer, ensuring our brands remain distinctive, unique, and consistent, and expanding internationally, these are my top priorities.
Above: Bondi BONDI series
II. HOKA’s Four Guiding Principles and China Strategy
Stefano Caroti shared that he has visited the Chinese Mainland every year for over a decade, and he is continually amazed by how rapidly Chinese consumers are evolving.
In terms of sports trends, he has observed that activities like running are thriving and are actively reshaping people’s lifestyles:
“When I first came to the Chinese Mainland ten years ago, it was mostly foreigners who were out running. Now, everyone is running. People are also cycling — I’ve noticed quite a few riding road and race bikes — and outdoor hiking is booming as well. People wanted to spend more time outdoors, reconnect with nature, and be in the wilderness of China’s truly spectacular mountains.”
When it comes to sports consumption, he noted: “Chinese consumer is much more open to adopting new trends — not just in fashion, but also in performance. I truly believe that if we succeed here, we’ll succeed across Asia and ultimately around the world.”
According to the latest data from McKinsey, the global sporting goods industry is expected to grow at a rate of around 6% over the next five years, with the Asia-Pacific market projected to reach a size of approximately USD 141 billion.
Stefano Caroti stated that one of his key goals since taking over leadership of the group has been to build a more balanced global investment portfolio in the near term. He believes:
“Within our international strategy, the Chinese Mainland is absolutely critical for long-term success. It is on track to become the largest running and outdoor market in the world. I truly believe that if we win here, we will win across Asia and ultimately across the globe.”
Above: HOKA China Elite Fuzhao XlANG won the 100k at The Ultra-Trail Mount Yun in April this year, which was the UTMB World Series event in Chinese Mainland
When asked how HOKA plans to face the influx of competitors entering the Chinese market, Stefano Caroti responded that “competition drives progress” and shared four guiding principles that help HOKA stay ahead:
“First is putting the consumer-first mindset. That means truly listening to our consumers and offering product solutions and experiences that resonate with them. We have a very strong consumer insights team. They visit the Chinese Mainland regularly and collaborate with the local team to bring insights into the global product development process. This ensures that the products we deliver to China are aligned with the needs and preferences of Chinese consumers. Listening to the consumer is fundamental.
Second, the brand-led philosophy enables us to remain consistent and cohesive at every touchpoint, across all channels of distribution — both online and offline. Great brands are consistent.
Our third principle is to be innovation-forward. We aim to keep pushing the boundaries of innovation, with a steady pipeline of new product launches.
Our fourth and final guiding principle is to be globally driven and to truly accelerate international growth.”
Above: HOKA FlyRun Event held in July last year in Anji, Zhejiang
HOKA has made significant investments in community building. As early as 2018, the brand formed the HOKA China Elite Team. HOKA China also kicked off RUN FOR PURPOSE CSR project since 2022, collecting runners’ running mileage online, and then cooperate with national foundation to donate running tracks in schools with weak sports infrastructure in remote areas. Stefano Caroti believes that HOKA has now established a solid foundation in the Chinese market. He remarked:
“The brand has very solid foundations, and we felt that now is the right time to make a real impact. This gives us the opportunity to scale up even faster.”
III. Why Is the World’s First HOKA Brand Experience Center Considered the Brand’s Highest-Level Expression Globally?
Stefano Caroti observed that “the Chinese market is more cutting-edge and more complex,” which is precisely why the brand wanted to do something truly special here. He described the new HOKA brand experience center, located in a prime commercial location on Madang Road in Shanghai’s Xintiandi district, as “the brand’s highest-level expression globally.”
Back in 2021, HOKA opened its first directly operated brand experience store in Shanghai. Caroti said that it felt only natural to now open the world’s first full-scale brand experience center in the same city:
“First and foremost, Shanghai is becoming a global tourism hub — not just within Asia. It’s also an incredibly influential city from both cultural and fashion perspectives on the global stage.”
The new experience center spans three floors and covers a total area of 1,600 square meters.
The B1 level serves as the core storytelling zone for the brand’s spirit. Using dynamic visual technology, it vividly recreates the experience of the mountain’s rhythm through four iconic moments, from dawn patrol breaks to alpine starlit flows — and showcases the brand’s core technologies and the evolution of its MAFATE. The “top 5 iconic trail models” display areas are designed with a high-tech feel. When a shoe is lifted from the table, detailed product information is automatically displayed. One of the major highlights is the “HOKA LAB”, the first space open to consumer in the Chinese Mainland that fully integrates seven specialized testing programs for runners.
Above: Immersive experience space on B1 of the world’s first HOKA brand experience center
Above: HOKA LAB
The store also features a community area, offering shoe-washing service reservations and more. The product presentation includes the full range — road running and racing collections, outdoor hiking and lifestyle series — along with China-exclusive edition, collaborations, apparel and accessories. The store is also equipped with an automated fulfillment system, eliminating the need for manual stock checks and product retrieval.
Above: Community area at B1 of the world’s first HOKA brand experience center
Above: Smart delivery system
At Deckers Brands’ Q1 FY25 earnings call, the company’s Chief Financial Officer Steve Fasching revealed that HOKA has more stores in the Chinese Mainland than in any other country.
Stefano Caroti stated that while HOKA already has a healthy number of stores, the quality of in-store experience is equally important. Large flagship stores in key cities play a radiating role in the broader store network:
“I want to make sure that the experience you feel in our brand experience center cascades down to the smaller-format stores as well.”
Above: HOKA store in Taikoo Li Sanlitun, Beijing
Since entering the Chinese Mainland market 8 years ago, HOKA has opened its first directly operated brand experience store in 2021, and the world’s first brand experience center. The brand is clearly accelerating its growth in the region. But Stefano Caroti emphasized that while brand momentum can make it easy to open and close stores, building a long-term presence in China is far more challenging and complex. He says he is fully prepared for an “ultramarathon” in the Chinese market:
“We have a playbook that has worked well for us. While the brand momentum here, we know it’s not the same, so we have to learn to walk before we run. This is not a sprint, it’s an ultramarathon. We want to make sure we do things properly, build deep connections with local consumers, and approach the market with respect and sensitivity to local customs, values, and culture. That’s how our message will truly resonate.”
| Image Credit: Provided by HOKA
| Editor: Zhu Ruoyu
