Karmaloop is a streetwear

e-commerce E-commerce (electronic commerce) is the activity of electronically buying or selling of products on online services or over the Internet. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain managem ...

company. It was founded in 2000 by Greg Selkoe and purchased by Shiekh Shoes in 2016.

History

Karmaloop was founded in 2000 by Greg Selkoe in his parents' basement in

Jamaica Plain Jamaica Plain is a neighborhood of in the City of Boston, Massachusetts, United States. Settled by Puritans seeking farmland to the south, it was originally part of the former Town of Roxbury, now also a part of the City of Boston. The commun ...

, a neighborhood of Boston, Massachusetts. Selkoe's interests in

break dancing Breakdancing, also called breaking or b-boying/b-girling, is an athletic style of street dance originating from the African American and Puerto Rican communities in the United States. While diverse in the amount of variation available in ...

graffiti Graffiti (plural; singular ''graffiti'' or ''graffito'', the latter rarely used except in archeology) is art that is written, painted or drawn on a wall or other surface, usually without permission and within public view. Graffiti ranges from s ...

art, and fashion influenced his decision to focus his business on urban style and streetwear. His initial concept for Karmaloop was to provide universal reach for hard-to-find boutique streetwear brands. The Karmaloop

brick and mortar Brick and mortar (also bricks and mortar or B&M) refers to a physical presence of an organization or business in a building or other structure. The term ''brick-and-mortar business'' is often used to refer to a company that possesses or leases r ...

store on Boston's

Newbury Street Newbury Street is located in the Back Bay area of Boston, Massachusetts, in the United States. It runs roughly east–west, from the Boston Public Garden to Brookline Avenue. The road crosses many major arteries along its path, with an entran ...

launched in 2005. 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. In a 2010 interview, Selkoe revealed that the store "never made a penny," and in 2011 it closed. In the meantime Karmaloop's online presence grew to a number of websites including online retailer Karmaloop, women's fashion site MissKL, flash-sale site PLNDR, online

skateboard A skateboard is a type of sports equipment used for skateboarding. They are usually made of a specially designed 7-8 ply maple plywood deck and polyurethane wheels attached to the underside by a pair of skateboarding trucks. The skateboarder ...

shop Brick Harbor, independent marketplace Kazbah, subscription service Monark Box which mailed exclusive gear to members in exchange for a monthly fee and

internet television Streaming television is the digital distribution of television content, such as TV shows, as streaming media delivered over the Internet. Streaming television stands in contrast to dedicated terrestrial television delivered by over-the-air a ...

station KarmaloopTV launched in collaboration with music producer Pharrell Williams and former

AMC AMC may refer to: Film and television * AMC Theatres, an American movie theater chain * AMC Networks, an American entertainment company ** AMC (TV channel) ** AMC+, streaming service ** AMC Networks International, an entertainment company *** ...

president Katie McEnroe. In 2011, the company grew by 81%, generating $130 million in revenue.Hypebeast.
Hypebeeast Tade: Greg Selkoe - CEO/Founder of Karmaloop.com and Karmaloop TV
February 1st, 2012. 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. In particular the sites Monark Box, Miss KL and Boylston Trading did not live up to expectations. In 2015, Karmaloop filed for Chapter 11 bankruptcy protection. Annual revenue had fallen to $80 million and the company was over $100 million in debt, $19 million of which it owed to vendors. 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. In March 2016, Shiekh Shoes, a west coast footwear and apparel retailer, acquired Karmaloop for an undisclosed amount.

Marketing profile

Karmaloop employs the term "Verge Culture" to define its target

lifestyle Lifestyle often refers to: * Lifestyle (sociology), the way a person lives * ''Otium'', ancient Roman concept of a lifestyle * Style of life (german: Lebensstil, link=no), dealing with the dynamics of personality Lifestyle may also refer to: Bu ...

and demographic market: creative, early adopting

digital native The term digital native describes a person who has grown up in the information age. Often grouped into Millennials, Generation Z, and Generation Alpha, these individuals can consume digital information and stimuli quickly and comfortably through ...

s who follow trends in music, fashion, art, technology, and

action sports Action sports, adventure sports or extreme sports are activities perceived as involving a high degree of risk. These activities often involve speed, height, a high level of physical exertion and highly specialized gear. Extreme tourism overl ...

.Inc.com
The ADHD CEO: Greg Selkoe, Karmaloop
'; Liz Welch, May 2012. It utilizes

new media New media describes communication technologies that enable or enhance interaction between users as well as interaction between users and content. In the middle of the 1990s, the phrase "new media" became widely used as part of a sales pitch for ...

marketing techniques with a large mailing list and occasional interactive

social media Social media are interactive media technologies that facilitate the creation and sharing of information, ideas, interests, and other forms of expression through virtual communities and networks. While challenges to the definition of ''social medi ...

Livestream Livestreaming is streaming media simultaneously recorded and broadcast in real-time over the internet. It is often referred to simply as streaming. Non-live media such as video-on-demand, vlogs, and YouTube videos are technically streamed, but ...

events, featuring musical performances and celebrity guests.Tolisa Abrams, You Heard That New.
Tune In to Karmaloop's Freak-a-Thon Live Stream Tonight at 8pm
May 9th, 2013. to drive online sales and build brand loyalty.

References

{{Reflist, 25em Clothing retailers of the United States Online retailers of the United States Street fashion Companies based in Boston American companies established in 2000 Clothing companies established in 2000 Retail companies established in 2000 Internet properties established in 2000 2016 mergers and acquisitions 2000 establishments in Massachusetts Companies that filed for Chapter 11 bankruptcy in 2015 Pharrell Williams Clothing brands of the United States