It’s safe to say that Karmaloop.com founder Greg Selkoe never expected the success his website would go on to have when he originally launched it back in 2000. But, today, it’s recognized as the hub for buying streetwear online … and generates a lot of revenue.
The Boston-based online retailer announced their revenue figures for 2011 this week, and it looks like business is very good.
According to reports, their revenue jumped 81% in the past year, earning $130 million in 2011, up from $72 million a year earlier.
Selkoe credits their success to continuing to give the customer what they want.
“We’re thrilled to report another record year for Karmaloop,” said Selkoe, Karmaloop Founder/CEO. “We work hard to give our customers the brands and styles they want to buy, as well as the relevant and dynamic online video content that they demand. We remain as connected as ever to our audience through multiple channels and platforms, especially via social media. This close relationship allows us to be responsive to, as well as greatly influenced by, our customers.
“Karmaloop is more than just a retailer; it is a community of style, a media property, and the epicenter of Verge Culture. With all the amazing content on Karmaloop TV, our great Men’s and Women’s blogs, our exclusives and contests, and many other initiatives we go the extra mile to connect. And it continues to pay off,” he continued.
AS mentioned, Karmaloop has branched out beyond their online store in recent years. In 2008, they launched KarmaloopTV, in which they cover (via video) fashion, music and beyond … online. The company is planning the launch of a 24-hour cable television channel in 2012. Pharrell Williams serves as the channel’s creative director.
In 2012, the company projects 60% growth.