Shoe brands’ secret to success? Going slow
Live MintHoka sneakers, On shoes, Ugg boots and Birkenstock sandals don’t look very much alike, but they do have one thing in common: They have all been flying off the shelf. The company has been introducing Hoka to retail partners at a “slow, deliberate pace," and has been picky about the stores it works with, according to Joseph Civello, equity analyst at Truist Securities. The company has stopped selling at discount shoe seller DSW in the U.S. and at stores it classifies as “comfort" shoe retailers in Europe, where the brand wasn’t reaching the right audience. Sneaker upstarts like Hoka probably benefited from Nike’s decision to abruptly exit retail stores, notes Paul Lejuez, equity analyst at Citi. VF Corp., which acquired popular streetwear brand Supreme in 2020, failed to keep the brand’s street cred going, possibly because it made products too available.
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