Shiekh Shoes, a major retailer in the shoe and apparel industry, announced today the acquisition of e-commerce retailer Karmaloop. The acquisition further cements Shiekh Shoes LLC in the retail and brand space as the West Coast based company continues its growth.
Launched in 1991, Shiekh Shoes has had an incredible trajectory in the retail space, growing over the years to nearly 140 brick and mortar stores as well as owning their own online store at www.shiekhshoes.com. This acquisition is a natural extension of the brand and relates to the same consumer they have been servicing for years.
Matt Fine, President of Shiekh Shoes, says, “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. There is a tremendous opportunity to re-tell 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.”
Shiekh Shoes intends to restore the Karmaloop reputation, which has had its share of issues in the past, to being a trusted and reputable company that puts its customers first. With the relationships and track record of Shiekh Shoes, they are confident that Karmaloop will rebound and prevail.
Proving that same sentiment, Karmaloop founder, Greg Selkoe and previous CEO, Seth Haber, are showing confidence in the new deal. Selkoe says, “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;” while Haber comments, “This is a great deal for all involved, a true win – win. I look forward to watching the team at Shiekh Shoes take Karmaloop to the next level.”