News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Streetwear E-Commerce Pioneer on the Selling Block? Kanye Says Yes – March 30, 2015

Streetwear E-Commerce Pioneer on the Selling Block? Kanye Says Yes

March 30, 2015

Streetwear E-Commerce Pioneer on the Selling Block? Kanye Says Yes Karmaloop, a powerful e-commerce brand that pioneered an entire segment of fashion, is embroiled in a very public bankruptcy and emerging ownership struggle. Founded by Greg Selkoe in 2000, the Boston-based online store served the ignored streetwear niche that grew into a cultural force throughout the decade. Now, as the company looks to restructure its mounting debt, hip-hop moguls Kanye West and Damon Dash took to social media late last week proclaiming they had bought the company.

“We decided to go buy Karmaloop,” Dash said in an Instagram video . “We just talked about it, so it’s going to happen.”

Selkoe, a speaker at last year’s CNP Expo, responded on Twitter “I am still gonna be owner no matter what we do. I am Karmaloop!”

Selkoe did acknowledge later, that Karmaloop has, indeed, had conversations with West and Dash, but that no agreement has been reached.

“As we confirmed earlier this week, Kanye and Damon are among several people we’ve spoken with about Karmaloop,” Selkoe said in a statement. “We’re having a lot of conversations and seeing intense interest in our brand.”

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Daniel Leibovitch