Joysworks & Co. is emerging as a significant player in the domestic fashion and distribution market under the leadership of CEO Cho Sung-hwan. The company is particularly garnering market expectations by successfully establishing the global running brand 'HOKA' in Korea. However, following recent controversies surrounding CEO Cho Sung-hwan, attention is increasingly focused on the company's management transparency and ethical responsibilities. This article aims to highlight Joysworks & Co.'s core business performance and CEO Cho Sung-hwan's commitment to responsible management, while also closely analyzing the recent issues the company is facing. Furthermore, we will clarify the connection to the Third Llennyukgyo, a topic of great interest, based on currently confirmed information. We hope this provides insight into the present and future of Joysworks & Co.
The Third Llennyukgyo, connecting Yeongjong Island and Cheongna in Incheon, officially opened on January 5, 2026, becoming a new landmark and key transportation infrastructure for Incheon. This bridge, with a total length of approximately 4.68 km and a width of six lanes, directly connects the Yeongjong International City and Cheongna International City, playing a crucial role in linking the Seoul metropolitan area with Incheon. The Third Llennyukgyo is designed not only for vehicle traffic but also for pedestrians and cyclists, and with various tourist facilities such as a main tower observatory and an edge walk, it is expected to contribute to the revitalization of the local economy. As it was a long-cherished project for citizens, significant improvements in airport accessibility and inter-regional travel convenience are anticipated after its opening. However, based on publicly available information to date, there has been no confirmation of CEO Cho Sung-hwan or Joysworks & Co. directly participating in or being involved with the construction, operation, or related businesses of the Third Llennyukgyo.
The most notable recent achievement of Joysworks & Co. is its successful management of the domestic business for the global premium running brand 'HOKA'. Since officially taking over HOKA's domestic offline retail business on October 1, 2025, Joysworks & Co. has shown clear performance improvements, with the first month's sales increasing by approximately 19% compared to the previous month. Cumulative sales from January to October 2025 also grew by about 34% year-on-year, proving HOKA's position as Joysworks & Co.'s powerful growth engine. Joysworks & Co. is expanding its market share by successfully operating eight HOKA offline stores in key commercial areas, including the first store at Starfield COEX Mall, Lotte Department Store (Main Branch, Incheon Branch), Lotte World Mall Jamsil Branch, and Shinsegae Department Store Gangnam Branch. This business expansion is interpreted as a positive signal that could lead to further business diversification, such as operating new brands in the running category.
CEO Cho Sung-hwan of Joysworks & Co. is strengthening responsible management based on his strong confidence in the company's intrinsic value and growth potential. In December 2025, CEO Cho Sung-hwan purchased approximately 600 million won worth of company shares on the open market, demonstrating a strong commitment to stock price stabilization and enhancing corporate value. This action indicates that the management believes the current stock price does not fully reflect the company's actual value and is confident in the company's growth from a medium to long-term perspective. Key executives, including Vice President Lee Moon-ki, also acquired company shares, conveying the trust and unity of the entire management team to the market. This share buyback is interpreted as a reflection of CEO Cho Sung-hwan's philosophy of responsible management, aiming to strengthen market and shareholder trust and solidify the company's long-term growth foundation.
Joysworks & Co. has recently faced several controversies surrounding CEO Cho Sung-hwan, impacting the company's image. In early January 2026, JTBC reported allegations that CEO Cho Sung-hwan lured a subcontractor's employee to an abandoned building and assaulted them. This incident caused a significant stir with the release of recordings and testimonies, affecting the stock price of the listed company Joysworks & Co. In response, Joysworks & Co. released an apology on its official website at midnight on January 4, 2026. However, it faced criticism for lacking specific explanations regarding the circumstances of the meeting and CEO Cho Sung-hwan's position and work-related connections. Furthermore, in December 2025, CEO Cho Sung-hwan and other executives, including CEO Song Yoon-seop, were accused of breach of trust in a real estate transaction, leading to allegations of improper support for related parties and private profit appropriation. These controversies highlight the necessity for Joysworks & Co. to place even greater emphasis on corporate transparency and ethical management.
Many are curious about the connection between CEO Cho Sung-hwan's recent activities and the Third Llennyukgyo project. However, extensive information searches to date have not revealed any direct involvement of CEO Cho Sung-hwan or Joysworks & Co. in the construction, operation, or any related businesses of the Third Llennyukgyo. The construction of the Third Llennyukgyo was primarily led by public institutions such as Incheon City, the Ministry of Land, Infrastructure and Transport, and the Korea Land and Housing Corporation (LH), along with consortia of large construction companies like Hanwha E&C and POSCO E&C. Therefore, it appears to be a separate field from Joysworks & Co.'s main business areas of fashion and distribution. We clearly state that the Third Llennyukgyo is a vital social overhead capital (SOC) project for the Incheon region and has no direct relation to Joysworks & Co.'s business activities.
In conclusion, Joysworks & Co., led by CEO Cho Sung-hwan, continues to show solid growth centered around the global running brand 'HOKA,' and CEO Cho Sung-hwan's efforts to strengthen responsible management, such as share buybacks, are being positively evaluated. However, recent controversies, including allegations of assault and accusations of breach of trust, present significant challenges for the company's transparency and ethical management. Clear and responsible responses are essential to minimize the impact of these issues on the company's long-term growth and image. Meanwhile, the Third Llennyukgyo has successfully opened as an important infrastructure project for Incheon, but no direct link to Joysworks & Co. has been confirmed to date. The company's future actions are highly anticipated to see how Joysworks & Co. will overcome current difficulties, continue sustainable growth, and regain the trust of the market and shareholders.
Joysworks & Co. focuses on the domestic offline retail business of the global premium running brand 'HOKA,' and also engages in various fashion and distribution businesses.
CEO Cho Sung-hwan strengthened responsible management and aimed for stock price stabilization by purchasing approximately 600 million won worth of company shares on the open market, based on his confidence in the company's intrinsic value and medium-to-long-term growth potential.
Recently, CEO Cho Sung-hwan has been embroiled in several legal and ethical controversies, including allegations of assaulting a subcontractor's employee and accusations of breach of trust related to real estate transactions.
Based on publicly available information to date, there has been no confirmation of CEO Cho Sung-hwan or Joysworks & Co. directly participating in the construction, operation, or related businesses of the Third Llennyukgyo. The Third Llennyukgyo project was primarily led by public institutions and major construction companies.
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