Banseog note · Oct 25, 2026
E-Land World — preparing for life after New Balance with its own brands and HOKA
- Where it stands now
- Portfolio reshuffle — reducing reliance on licenses and moving toward its own SPA brands and a new sports brand
2025 consolidated revenue was KRW 5.5434 trillion (+1.7%) and operating profit KRW 333.3 billion (+22.8%).
First-half 2026 consolidated revenue was KRW 2.8398 trillion (+3.5%) and operating profit KRW 231.6 billion (+48.4%), with net profit of KRW 79.5 billion marking a return to the black.
According to Korea's National Pension Service public workplace data, the number of people on the pension register was 2,438 in August 2026, down 179 (6.8%) from October 2025. Store staff join and leave in large numbers.
- Three decisions within a year
- Sale of the shoe multi-brand shop FOLDER: in January 2026 the company transferred FOLDER, with 35 stores nationwide and annual revenue of about KRW 100 billion, to ABC-MART through an asset transfer, streamlining around its own brands.
- Named HOKA's Korean distribution partner: on August 20, 2026 Deckers, HOKA's parent company, officially announced E-Land as its new distribution partner in Korea, with E-Land handling the expansion of domestic distribution and marketing.
- More SPAO stores: SPAO, with 2025 revenue of about KRW 650 billion and about 170 stores, plans to open up to 50 more this year. From January 2027, New Balance's headquarters will run the Korean market directly.
- Three people it will look for
- Sports brand division head and running shoe merchandiser — the HOKA business in Korea has to be built from scratch and the sports business reshaped for after New Balance
- SPA store opening and store development — SPAO will open up to 50 more stores this year
- Own-brand merchandiser (MD) and designer — own brands such as MIXXO and WHO.A.U are being extended into accessories
- For HR
- Running shoe and sports merchandisers are sought by both the Korean units of global sports brands and Korean outdoor companies. Leaders for HOKA and the company's own brands need to be secured before January 2027, when New Balance operations pass to its headquarters.
- For job seekers
- A track record of growing a global sports brand in Korea, and store-opening experience of rapidly adding SPA stores, are worth the most at this company right now.
A reading written from public sources. Sources: News Tomato 2026-10-19 (2025 and first-half 2026 consolidated results); Bloter 2026-01-23 (FOLDER sale); Asia Economy 2026-08-20 (selection as HOKA distribution partner); Edaily 2026-09-06 (SPAO revenue, stores and opening plans, New Balance direct operation); Korea's National Pension Service public workplace data (headcount). Team size is from Korea's pension register.