Karmaloop
is a
streetwear
e-commerce
company.
[1]
It was founded in 2000 by
Greg Selkoe
and purchased by Shiekh Shoes in 2016.
History
[
edit
]
Karmaloop was founded in 1999 by Greg Selkoe
[2]
in his parents' basement in
Jamaica Plain
, a neighborhood of
Boston, Massachusetts
. Selkoe's interests in
break dancing
,
graffiti
art, and fashion influenced his decision to focus his business on urban style and streetwear.
[3]
His initial concept for Karmaloop was to provide universal reach for hard-to-find boutique streetwear brands.
[4]
[5]
The Karmaloop
brick and mortar
store on Boston's
Newbury Street
launched in 2005.
[6]
[7]
The store carried products available on the website as well as limited edition items, and was often used as a testing ground for new products.
[8]
[9]
In a 2010 interview, Selkoe revealed that the store "never made a penny," and in 2011 it closed.
[3]
In the meantime Karmaloop's online presence grew to a number of websites including online retailer Karmaloop, women's fashion site MissKL,
[10]
flash-sale site PLNDR,
[11]
online
skateboard
shop Brick Harbor,
[12]
independent marketplace Kazbah,
[4]
subscription service Monark Box which mailed exclusive gear to members in exchange for a monthly fee
[13]
and
internet television
station KarmaloopTV launched in collaboration with music producer
Pharrell Williams
and former
AMC
president Katie McEnroe.
[14]
[15]
In 2011, the company grew by 81%, generating $130 million in revenue.
[16]
[17]
It continued to expand in 2012 and 2013, before starting to encounter financial troubles in 2014 due to debt obligations and the underperformance of some of the new arms of the business.
[17]
[18]
In particular the sites Monark Box, Miss KL and Boylston Trading did not live up to expectations.
[17]
In 2015, Karmaloop filed for Chapter 11 bankruptcy protection.
[18]
Annual revenue had fallen to $80 million and the company was over $100 million in debt, $19 million of which it owed to vendors.
[17]
[18]
Comvest Capital and CapX Partners purchased the company in May 2015 and announced plans to restructure its management, with Seth Haber named CEO, moving Selkoe to an advisory role.
[18]
[19]
In March 2016, Shiekh Shoes, a west coast footwear and apparel retailer, acquired Karmaloop for an undisclosed amount.
[20]
[21]
However, in 2017, Sheikh Shoes filed for
Chapter 11 bankruptcy
protection.
[22]
Marketing profile
[
edit
]
Karmaloop employs the term "Verge Culture" to define its target
lifestyle
and
demographic
market: creative,
early adopting
digital natives
who follow trends in music, fashion, art, technology, and
action sports
.
[8]
[23]
It utilizes
new media
marketing techniques with a large mailing list
[24]
and occasional interactive
social media
Livestream
events, featuring musical performances and celebrity guests.
[25]
[26]
[27]
[4]
to drive online sales and build brand loyalty.
[8]
References
[
edit
]
- ^
Liza Weisstuch (March 20, 2008).
"In the loop"
.
Boston Globe
. Retrieved
June 16,
2013
.
- ^
DeStefano, Mike; Takanashi, Lei (January 10, 2024).
"Why Karmaloop Matters: Industry Veterans Reflect on the Site That Introduced a Generation to Streetwear"
.
Complex
. Retrieved
June 11,
2024
.
- ^
a
b
van der Pool, Lisa (May 6, 2010).
"Online streetwear retailer Greg Selkoe finds his groove"
.
Boston Business Journal
. American City Business Journals
. Retrieved
June 16,
2013
.
- ^
a
b
c
Jian Deleon (February 29, 2012).
"Interview: Making It In America With Karmaloop CEO Greg Selkoe"
.
Complex Style
. Complex Media. Archived from
the original
on September 9, 2012
. Retrieved
June 16,
2013
.
- ^
"Karmaloop"
.
Harvard Magazine
. Harvard Magazine Inc. December 14, 2012
. Retrieved
June 16,
2013
.
- ^
Jayne O'Donnell (October 12, 2008).
"Karmaloop founder keeps ear to street to sell cool clothes"
.
USA Today
. Retrieved
June 16,
2013
.
- ^
"Karmaloop and the Verge culture"
.
ADventures Boston
. October 18, 2012. Archived from
the original
on October 19, 2013
. Retrieved
June 16,
2013
.
- ^
a
b
c
Muto-Porter, Maria (April 27, 2012).
"Karmaloop's Greg Selkoe on Social Media & the Verge Culture"
.
Entrepreneur
.
- ^
Rachel Baker (June 19, 2008).
"Night Lines: The Karmaloop Relaunch Bash"
.
Boston Magazine
. Metrocorp, Inc
. Retrieved
June 16,
2013
.
- ^
Elena (February 21, 2013).
"Recent Fad for Girls Fashion"
.
Shades of Summer Boutique
. Wordpress. Archived from
the original
on February 26, 2014
. Retrieved
June 16,
2013
.
- ^
Accessories Staff (October 31, 2012).
"Vote Drive: Flash Sale Site Seeks Social Media Feedback on New Brands"
.
Accessories: The Voice of the Industry
. Business Journals, Inc. Archived from
the original
on January 21, 2013
. Retrieved
June 16,
2013
.
- ^
Sam Laird (April 3, 2012).
"Brick Harbor Aims to Give Skateboarding a New Digital Home [EXCLUSIVE]"
.
Mashable
. Retrieved
June 16,
2013
.
- ^
Caparell, Adam (July 29, 2015).
"What the Hell Happened to Karmaloop?"
.
Complex Networks
. Retrieved
February 27,
2020
.
- ^
Sheila Shayon (September 23, 2011).
"Can KarmaloopTV become the MTV of the Hip-Hop Generation?"
.
brandchannel
. Archived from
the original
on June 5, 2013
. Retrieved
June 16,
2013
.
- ^
Pharrell Williams Named Creative Director at KarmaloopTV
, May 9, 2011
, retrieved
June 9,
2011
- ^
Hypebeast.
Hypebeeast Tade: Greg Selkoe - CEO/Founder of Karmaloop.com and Karmaloop TV
. February 1st, 2012.
- ^
a
b
c
d
Strong, Rebecca (March 23, 2015).
"Karmaloop is Reportedly on the Brink of Bankruptcy"
.
BostInno
. StreetWise. Archived from
the original
on April 2, 2015
. Retrieved
March 24,
2015
.
- ^
a
b
c
d
Luna, Taryn (May 21, 2015).
"Karmaloop sale approved, CEO Selkoe to be replaced"
.
Beta Boston
.
Boston Globe
. Archived from
the original
on November 17, 2015
. Retrieved
November 13,
2015
.
- ^
"Karmaloop Names Industry Veteran Seth Haber CEO"
.
PRNewswire
(Press release).
- ^
Matt, Linder (March 23, 2016).
"Will e-retailer Karmaloop step in a new direction under Shiekh Shoes?"
. Internet Retailer.
- ^
Conti, Katheleen; Woolhouse, Megan (March 23, 2016).
"Karmaloop acquired by California retailer"
.
Boston Globe
.
- ^
"Shiekh Shoes Files for Bankruptcy After Owing Nike $16 Million USD"
.
Hypebeast
. November 30, 2017
. Retrieved
September 30,
2023
.
- ^
Inc.com
The ADHD CEO: Greg Selkoe, Karmaloop
; Liz Welch, May 2012.
- ^
"Greg Selkoe"
.
HuffPost
. June 16, 2013
. Retrieved
June 16,
2013
.
- ^
Annear, Steve (November 26, 2012).
"Karmaloop Hires Webcam Strippers to Livechat for 'Titillating' Cyber Monday Campaign"
.
BostInno
. StreetWise.
- ^
Ed Carrasco, New Media Rock Stars.
Live Now: Karmaloop hosts "Freak-a-thon" Live Stream Featuring Bun B and Travie McCoy
. December 10th, 2012.
- ^
Tolisa Abrams, You Heard That New.
Tune In to Karmaloop's Freak-a-Thon Live Stream Tonight at 8pm
Archived
June 4, 2013, at the
Wayback Machine
. May 9th, 2013.