Karmaloop is the world’s largest retailer in streetwear including all the brands of the world. They are the multi-platform web retailer, community-style, and media company specializing in streetwear e-commerce.
Karma loop is an idea for the people who are unable to buy expensive brand cloths so because of the KarmaLoop they can shop branded clothes at cheaper rates.
Greg Selkoe found the KarmaLoop in 2000 and later in 2016, it purchased by Sheikh Shoes. They had their headquarters in Boston, United States. They are in three locations i.e. Boston, New York City, and Denmark. The company has its website as karmaloop.com.
The company owner and the company had an interesting history. Founder of the company Greg Selkoe was very fond of break-dancing, art and fashion influenced his decision to focus his business on urban style and streetwear.
His concept for opening the karma loop was to provide reach to hard-to-find boutique streetwear brands.
In 2005 karma loop brick and mortar store is launched in Newbury street, this store carried the products available on the website as well as the limited edition items and was also used as the testing ground for new products.
In an interview with Greg, he revealed that the store never earned any penny and was closed in 2011. Meantime KarmaLoop’s online business grew to the number of websites.
In 2011 the company grew 81% and generated about $130 million in revenue, and their business continued to expand in 2012 and 2013.
During 2014 the company faced some financial troubles due to debt obligations and underperformance of some of the new arms of the business.
Their annual revenue fell to $80 million and the company was over $100 million in debt, $19 million of which is owed to vendors.
Comvest capital and CapX partners later purchased the company was in 2015 and they announced to restructure its management.
In March 2016, Sheikh shoes, west coast footwear, and apparel retailer acquired KarmaLoop for an undisclosed amount.
Greg and his business were at its peak, he employed 250 people and was regularly doing over $100 million in sales annually, after getting this much success he faced the record downfall in his business and people started to finger at him.
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KarmaLoop featured the very cool idea of providing the clothes to that town where boutiques are hard to find. KarmaLoop also features the best environment for the employees who work there.
They were free to do anything they want to. Employees in KarmaLoop were allowed mew to creativities their works. Karma loop sells clothes of every possible brand. KarmaLoop Free ship was another feature offered.
Karma loop had its online website as karmaloop.com. Best services for customers are also provided.
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At that time buying clothes online was not that popular. Working in KarmaLoop was just like feeling lucky enough, employees were allowed to wear whatever they want to; dogs roamed the office; music played; the company encouraged employees to explore more and more.
There was a system of promotion if employees proved themselves then they were allowed to choose the department they want. It was all good 10 years ago but now KarmaLoop is a battered and beaten shell of its former self.
In March company came into headlines for filing for Chapter 11 bankruptcy protection.
After the downfall in their business, they ranked 134th on the internet retailer 2014 top 500 guides, karma loop also became the highest-profile e-commerce site to file for chapter 11 bankruptcy, beating out sky mall and wet seal Inc. in their filing they said that the debts ranged between $100-$500 million.
According to Greg karma loop first entered the black in 2007 and reached its peak in 2013, when it took in $127 million in sales.
Greg started many more things that would give benefit KarmaLoop to recover the downfall but nothing worked as planned. After 15 years karma loop and Selkoe were officially separated.
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Being the world’s largest retailer of clothes in the market, they are also trustworthy. All the brands are available to shop from here. They provide the best clothing and in accordance with fashion. One should visit and buy.
Hope you take the full advantage of shopping with KarmaLoop Coupon Codes & offers January 2021.