Kanye West Purchases Streetwear E-Retailer Karmaloop
Hot off a successful fashion week with his Adidas collaboration, the rapper teamed with Damon Dash to buy the e-commerce site, which filed for bankruptcy on Monday.
Serious fashion designer Kanye West and entrepreneur Damon Dash (formerly Jay Z's manager and business partner at Roc-a-Fella records) have joined forces to purchase streetwear e-commerce site Karmaloop after the e-retailer filed for Chapter 11 bankruptcy on Monday.
The dynamic duo took to Dash's Instagram (@duskopoppington) Friday morning to announce the deal over a series of three video posts in which he confirmed in the caption, "Yeah the Karmaloop thing is real."
In the black-and-white video announcement, Dash, standing alongside West, expanded, "So you know, we just about to do some new shit, just — you know — stick together culturally, take over the world, create a whole new industry. You know what I mean, just play the game fair. You know, honorable people stick together. So you know, this is how the generations do. Man he's super famous and we linkin' up and we decided to go buy Karmaloop. We just talked about it so it's gonna happen. And a couple of other cool things — we ain't doin' no music unless that's for fun. Only big baller stuff. But it's real."
Karmaloop, which was founded in 2000 as a streetwear e-commerce site and now consists of several sister sites and KarmaloopTV (launched in collaboration with Pharrell Williams), has helped bring streetwear labels, including 10 Deep and Crooks and Castles, into the spotlight. However, by tagging fashion publications such as Vanity Fair, WWD and Vogue on Instagram, as well as designers (Rodarte) and top influencers (Hamish Bowles, Naomi Campbell and Gisele Bundchen), it appears that West and Dash will be adding an element of high fashion to the site.
"[We're] not doing any bubblegum shit, and I hope the whole world sees this and wants to do the same thing," reads the caption of one post. "Stay tuned."