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

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

How I Built This with Guy Raz · Feb 2, 2026

HOKA founders turned a "clown shoe" concept, inspired by oversized sports gear, into a $2B brand by solving downhill runners' intense pain.

HOKA Knew It Was Time to Sell When Nike Started Buying Its Shoes

When the founders learned that major competitors were buying their shoes for reverse engineering, they correctly interpreted it as a signal. This confirmed their innovation was significant and created urgency to find a strategic partner and scale before being copied.

HOKA: Jean-Luc Diard and Nicolas Mermoud. The “Clown Shoe” That Became a $2B Bonanza thumbnail

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

How I Built This with Guy Raz·17 days ago

HOKA Reverse-Engineered the Feeling of Running on Lava Ash and Dead Leaves

Instead of iterating on existing shoe technology, the founders aimed to replicate the natural cushioning and feel of running on soft surfaces like lava ash or a bed of dead leaves. The goal was to build the ideal surface directly into the shoe itself.

HOKA: Jean-Luc Diard and Nicolas Mermoud. The “Clown Shoe” That Became a $2B Bonanza thumbnail

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

How I Built This with Guy Raz·17 days ago

HOKA Engineered a Four-Step "Wow" Effect Journey for New Customers

The founders deliberately crafted a customer journey with four sequential "wow" moments: seeing the unique design, feeling its unexpected lightness, experiencing the immediate comfort upon wearing, and finally, feeling the effortless performance while running.

HOKA: Jean-Luc Diard and Nicolas Mermoud. The “Clown Shoe” That Became a $2B Bonanza thumbnail

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

How I Built This with Guy Raz·17 days ago

Salomon's CEO Drove an Intern to Get Unfiltered Product Feedback

Georges Salomon, founder of the legendary French company, personally sought out a young racer's critique of their ski boots, demonstrating the value of leaders connecting directly with ground-level users and employees for honest feedback, bypassing corporate hierarchy.

HOKA: Jean-Luc Diard and Nicolas Mermoud. The “Clown Shoe” That Became a $2B Bonanza thumbnail

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

How I Built This with Guy Raz·17 days ago

HOKA Was Invented to Solve the Pain of Downhill Ultra-Marathon Running

The core innovation wasn't about general comfort. It stemmed from co-founder Nico Mermoud's body "falling apart" specifically during the downhill portions of a 101-mile race, identifying a precise, high-pain problem to solve with technology.

HOKA: Jean-Luc Diard and Nicolas Mermoud. The “Clown Shoe” That Became a $2B Bonanza thumbnail

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

How I Built This with Guy Raz·17 days ago

HOKA's Design Was Inspired by Oversized, Lighter Golf Clubs and Skis

The insight for HOKA's maximalist shoe didn't come from running, but from observing a cross-industry trend where oversized, lighter equipment (like TaylorMade golf clubs and wider skis) improved both performance and user-friendliness for a broader audience.

HOKA: Jean-Luc Diard and Nicolas Mermoud. The “Clown Shoe” That Became a $2B Bonanza thumbnail

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

How I Built This with Guy Raz·17 days ago

HOKA Overcame Its "Clown Shoe" Look with Immediate Wins by Elite Runners

HOKA's shoes looked so strange that they risked being dismissed as a gimmick. They overcame this by getting elite ultra-runners to adopt them almost immediately. High-performance validation from respected figures gave the weird-looking product instant credibility.

HOKA: Jean-Luc Diard and Nicolas Mermoud. The “Clown Shoe” That Became a $2B Bonanza thumbnail

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

How I Built This with Guy Raz·17 days ago

HOKA's Founders Knew Footwear Innovation Comes from Suppliers, Not Brands

Instead of trying to invent everything in-house, HOKA's founders understood that in the footwear industry, the true innovators are often the materials suppliers. They leveraged deep relationships to convince foam manufacturers to create a new, softer material that hadn't been done before.

HOKA: Jean-Luc Diard and Nicolas Mermoud. The “Clown Shoe” That Became a $2B Bonanza thumbnail

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

How I Built This with Guy Raz·17 days ago

HOKA Founders Rejected VC Money, Seeking a Partner to Fix Supply Chain Issues

Despite having investor interest, HOKA's founders realized cash alone wouldn't solve their biggest hurdles: securing reliable factory production and scaling product demos. They correctly identified that they needed a strategic partner with operational muscle, not just a financial one.

HOKA: Jean-Luc Diard and Nicolas Mermoud. The “Clown Shoe” That Became a $2B Bonanza thumbnail

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

How I Built This with Guy Raz·17 days ago

HOKA Stabilized Its Thick Sole by Designing It Like a Race Car's Bucket Seat

To counteract the potential instability of a thick, soft sole, HOKA designed the midsole to wrap up and around the foot, much like a bucket seat holds a driver. This created a stable "cockpit" for the foot, a key innovation over traditional designs where the foot sits on top.

HOKA: Jean-Luc Diard and Nicolas Mermoud. The “Clown Shoe” That Became a $2B Bonanza thumbnail

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

How I Built This with Guy Raz·17 days ago