Kaloti was in Hong Kong to meet Hoka's partners in Asia and open a FlyLab installation at the K11 Museum on Tsim Sha Tsui Promenade. There, shoppers can try on shoes and experience sole-fitting techniques that recommend shoe fittings.
Hoka has over 120 points of sale in Hong Kong and is also available at retailers that carry other fitness and sports brands. The group also has an online sales channel.
The expansion in Hong Kong and other Asian cities comes on the back of an estimated 10% growth in the region's sportswear market from 2023 to 2027, compared to global growth rates, Kaloti said. It is said to be 7%.
Currently, Hoka's largest markets are North America and Europe.
“The health and fitness sector is growing at a faster pace and the market will exceed $5 trillion within the next three years,” he said. “Asia is the fastest growing region in the world. So we want to be a part of this…There will be a lot more investment in this part of the world.”
Kaloti said Hoka's shoes are among the top three in Asia and among the top five most preferred among runners in major marathons and races in the region. He pointed out that Hong Kong not only attracts tourists from mainland China, but also from Southeast Asia.The brand recently opened new stores in Singapore and the Philippines
Hoka's move towards a unique brand store strategy does not mean abandoning multi-brand shops, which give consumers the opportunity to compare the company's products with other brands, Kaloti said. added.
Oliver Tong, JLL's head of retail in Hong Kong, said the strategy of whether to focus on multi-brand stores or own-label stores largely depends on “the stage of development of each brand.”
“According to my observations over the past 12 months, I have noticed a growing trend towards mono-brand stores across a variety of industries, including sports, electric vehicles and watches,” Tong said.
But Bob Wheeler, channel industry manager at Euromonitor, said the trend is unlikely to reduce demand for physical stores.
“Despite the continued rise of e-commerce, brick-and-mortar stores will remain the conduit for the majority of retail sales for some time to come,” Wheeler said.
“For brands to grow, they need to understand this dynamic… [they] While it's true that more attention needs to be paid to digital channels, that doesn't mean we can lose sight of the fact that brick-and-mortar stores will continue to be the most important means of retail sales. ”
Physical stores are also a way to “build customer loyalty,” said Lawrence Wang, senior director of retail advisory and transaction services at CBRE Hong Kong.
Mr Kaloti from Deckers said that in addition to enhancing the brand experience for customers, strengthening Hoka's presence in Hong Kong is a way to better engage with the community.
During the FlyLab pop-up from May 9th to 12th, there will be five running sessions with more than 250 participants and a masterclass partnership with Pure Fitness with 40 participants. Hong Kong, where hiking and running are among the most popular fitness activities in Hong Kong, also hosts other activities to connect with runners.
“Hong Kong has an emotional connection to Hoka,” Kaloti said. “Hong Kong was one of the first markets.” [the founders] It opened in Asia Pacific 10 years ago. ”