Rumors that Karmaloop would be filing for bankruptcy have been swirling as of late, but it looks like the retailer is getting some relief, courtesy of two hip-hop bigwigs. Entrepreneur Damon Dash and fashion enthusiast Kanye West have reportedly teamed together to buy the struggling brand.
Dash has been particularly active on Instagram as of late, and naturally took to the social media outlet to announce the big purchase. In a three-part series of Instagram videos tagging major media outlets as well as influencers and fashion insiders, Dash stands next to a stone-faced, silent Yeezy, explaining that this Karmaloop buy is only the start of their projects together, which Dash says include “a couple of other cool things” not related to music.
Karmaloop has been going through its share of woes, which its founder Greg Selkoe blames on debts incurred from expanding and opening too many spin-off businesses too quickly, telling Gearbottle that the bankruptcy filing was more of an attempt to restructure the company. Of course, with this purchase there are several questions, particularly pertaining to the involvement of Dash and Kanye, the latter of whom is notoriously hands-on when it comes to product. Will Kanye’s presence influence the kind of products the site sells? Will the site’s street chic, logo-emblazoned wares veer more toward the high-fashion streetwear aesthetic Mr. West champions?
We will have to see, but at the very least, we wager the website will probably carry future Kanye West x Adidas Originals collaborations, which could help Karmaloop get back on track.
UPDATE: We reached out to Karmaloop for comment and a representative denies that West and Dash have officially made a purchase. “Kanye and [Damon] have not purchased Karmaloop. They are among several people we’ve spoken with about Karmaloop. We’re having a lot of conversations and seeing intense interest in our brand.”
We will be following this carefully as the story develops.