Deckers Doubles Down in Spain: Hoka’s Local Branch Sees Rapid Growth

Deckers is targeting Spain. The U.S. footwear giant, one of the world’s largest, is creating a subsidiary in the Spanish market. This bet comes at a time when Hoka, its main growth engine, continues to advance in the territory. Deckers operates in Spain through Comercial Udra.

The Deckers subsidiary in Spain was set up at the end of December last year. Located on Avenida de Concha Espina, in Madrid, the company was launched with an initial capital of €20,000, according to the filing made with the Commercial Registry.

Hoka is the main bet of Deckers, which also owns UGG, Teva or Ahnu. However, in Spain, the company has relatively stabilized its progress in the last year. This is shown by the figures for Running King, a subsidiary of Comercial Udra, the official marketer of Hoka in the country. According to the data filed with the Registry, Running King recorded a turnover of €16.9 million in 2024, only 5.8% more than the previous year.

Running King, a subsidiary created to market Hoka in Spain, advanced by 5.8% in 2024 and in 2025 would have reached sales of €23 million

The progress of the last fiscal year is therefore far from that recorded in 2023, when it recorded a growth of 35.28%. That year it posted a turnover of €15.99 million. The company’s net result, however, fell by 1.72% compared to 2022, to €1.31 million. In 2024, Running King earned €16.92 million.

The slowdown in the pace of growth in 2024 is a consequence, as explained to Modaes by company sources, of a change in commercial policy, which shifted the delivery of the spring-summer season’s merchandise from November to January. According to the same sources, by 2025 Hoka will have reached a turnover of more than 25 million euros in Spain, making Comercial Udra one of the best distributors of Deckers on an international scale.

Globally, the evolution of Deckers is better than that of the sports industry in general, precisely driven by Hoka. The group closed the last fiscal year close to $5 billion in revenues and boosted its net income thanks to Hoka’s growth of more than 23%. Specifically, the proposal posted a turnover of $2.233 billion, compared to $1.807 billion in 2023.

Headquartered in Madrid and with a logistics center in Pontevedra, Comercial Udra is the subsidiary of the San José construction group. Its business is based on the distribution of global brands through its various subsidiaries. The latest addition to its business was Allbirds, a company specializing in sports footwear with simple designs that gained popularity with celebrities such as Barack Obama.

Comercial Udra’s activity began in 1993, when Adidas started selling in Spain the brands Arena, dedicated to swimming equipment, and Le Coq Sportif, which was exclusively dedicated to sports activities. Comercial Udra took over the distribution of Dr Martens in Spain until 2021, when the British brand decided to take control of its business in the domestic market. It was also the distributor of Ugg by Deckers.

An ex-Nike, among the joint administrators

The company has appointed as joint administrators Victoria Torlini, Alexander Henderson and Felix Muennich, all three linked to the fashion industry. Torlini, first, spent four years in various positions at John Lewis, and also has a track record of nearly six years at Luxottica. She joined Deckers in 2017 and, since June 2024, has been acting as senior director of financial control for the Europe, Middle East and Africa (Emea) region.

Meanwhile, Henderson, the second of the joint administrators, joined Deckers in 2013 and currently acts as senior director of European legal counsel. Muennich, the third, is the most recent to be associated with the company: for the past seven months he has held the position of senior vice president and general manager for Deckers at Emea. Previously, he held the position of sales manager at Mammut Sports Group, but the highlight of his career has been at Nike, where he worked for more than ten years until he reached the position of vice president and general manager of stores at Nike Direct for Emea.