On September 29, Ohaim & Company announced its official new beginning by changing its name to "Joyworks & Co." through an extraordinary general meeting of shareholders. Previously, Joyworks had signed a business transfer agreement to acquire the HOKA retail offline division for 25 billion won. This shareholders' meeting is attracting significant attention in the market, not only because of the name change but also because it signals a complete transformation of the company's structure and value by adopting "HOKA," one of the hottest brands in the Korean market, as its new growth engine.
HOKA, the core driver of this M&A, is a brand that has captivated Millennials & Gen Z worldwide with its outstanding cushioning technology and trendy design, recording explosive growth. This global reputation is being proven in the Korean market as well. The HOKA offline division recorded sales of 30.6 billion won and an operating profit of 4.7 billion won last year, and in the first half of this year alone, it already surpassed 18.8 billion won in sales and 2.8 billion won in operating profit, showing a steep growth curve. These figures indicate that HOKA has established a strong fandom in the domestic market, going beyond a passing trend.
This explosive growth has drawn the attention of HOKA's parent company, Deckers Brands. It has been confirmed that key executives from Deckers visited Korea from September 15 to 17 to hold meetings with Joyworks & Co. regarding future growth strategies for the Korean market, based on their partnership. The fact that the headquarters visited Korea at such a critical time in the acquisition process to draw up a future blueprint together demonstrates both strong trust in the new partner and high expectations for the potential of the Korean market.
With the proven brand power and strong support from the parent company confirmed, the market is now focused on the synergy strategies that Joyworks & Co. will pursue. The nationwide premium retail network owned by Joyworks & Co. will serve as a "highway," instantly providing HOKA with a nationwide sales channel that would otherwise take years to build independently. Based on this, the company plans to open more than 10 new offline stores as early as next year, embarking on a full-scale expansion of its national distribution network.
An Ohaim & Company representative stated, "The synergy created when HOKA's powerful IP meets our distribution network will exceed everyone's expectations," adding, "This shareholders' meeting marks the beginning of this significant transformation."
Launching under its new name, Joyworks & Co. has made it clear that its top priority is the successful domestic expansion of HOKA and that it will focus all its capabilities on this goal. A company representative emphasized, "Building on our stable existing business, we will become a 'game changer' in the domestic sports and fashion market through the powerful growth engine that is HOKA."
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