Shiekh Shoes has expanded to roughly 140 brick and mortar stores since 1991 and also runs its own online store, shiekhshoes.com. But the retailer has no plan to stop its expansion – or acquisitions.
The West Coast-based retailer announced today it has acquired renowned e-commerce retailer Karmaloop.
“Shiekh Shoes LLC is always on the hunt for strategic acquisitions that will strengthen our overall portfolio. Karmaloop is a company with a rich history and a strong brand in a consumer space in which we are deeply familiar,” said Matt Fine, president of Shiekh Shoes.
“There is a tremendous opportunity to retell the Karmaloop story and grow the brand. In addition, we see additional opportunities to leverage the Karmaloop assets to grow our existing businesses in both the brick and mortar and e-commerce channels. There is extraordinary value in this deal and we look forward to bringing Karmaloop into the fold.”
According to a statement, Shiekh Shoes wants to restore the Karmaloop reputation as trusted and reputable, putting its customers first.
“I founded Karmaloop in my parents basement and painstakingly grew the brand over many years. I am pleased it is in the hands of a group that understands and respects the culture,” said Greg Selkoe, the site’s founder, in a statement.
The site’s former CEO, Seth Haber, shares Selkoe’s confidence in Shiekh.
“This is a great deal for all involved, a true win-win,” he said in a statement. “I look forward to watching the team at Shiekh Shoes take Karmaloop to the next level.”
Karmaloop Inc. and Karmaloop TV Inc., according to the U.S. Bankruptcy Court, filed for Chapter 11 last March in the District of Delaware. After the bankruptcy filing, music mogul Damon Dash took to Instagram to announce he, along with rap superstar Kanye West, were in talks with Selkoe to purchase the site.