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Shiekh Shoes Acquires Karmaloop
Karmaloop has a new owner and it&#;s neither Damon Dash nor Kanye West.
The streetwear e-commerce site has been acquired by Shiekh Shoes, a California-based sneaker retailer that operates stores in the U.S.
The terms of the deal were not disclosed.
Matt Fine, the president of Shiekh Shoes, believes the deal will benefit both businesses, which share a similar shopper.
“We are predominately a brick and mortar retailer and we think that in the future, having a strong balance between brick and mortar and a compelling e-commerce business will be a successful formula,” said Fine.
“There are also synergies between our customer. For me, this deal is two plus two equals six.”
According to Fine, Shiekh Shoes started to eye Karmaloop once it filed for bankruptcy last March, but the e-commerce site’s more recent standing — it was sold to Comvest Partners and CapX Partners for $13 million last May — made the acqu
