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Shiekh Shoes Acquires Karmaloop

shiekh shoes acquires karmaloop logo

Today is the day that Shiekh Shoes acquires Karmaloop. Since Karmaloop filed for bankruptcy last march, Shiekh had its eyes on the once lucrative streetwear retailer. Here’s all the information from Shiekh:

-Shiekh Shoes To Focus On Creating One of A Kind Destination for Brands and Offering Exceptional Shopping Experience for Consumers

-Shiekh Shoes LLC to Leverage Deep Roots and Expertise in Building Loyal Consumer Following Couples with Karmaloop Rich History to Prove a Winning Combination

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.”

About Shiekh Shoes

Shiekh is the premiere lifestyle destination for youth culture inspired by the intersection of hip hop, fashion, entertainment and sports.  Serving over two million customers at 136 stores in 10 states, Shiekh is the largest independent retailer of Nike and Jordan footwear and apparel on the West Coast.  Shiekh is committed to providing not only premium products from top brands like Timberland and Adidas, but a superior shopping experience in a premium environment. Shiekh’s focus is on creating long lasting relationships with customers, creating a familial environment and engendering customer loyalty.

Shiekh is privately owned by founder Shiekh Ellahi, who opened his first store in San Francisco in 1992. Within 15 years, Shiekh grew to 100 stores and is now the largest independent sneaker retailer on the West Coast. Shiekh stores are located in malls, shopping centers and street locations in Washington, Oregon, California, Nevada, Arizona, New Mexico, Texas, Illinois, Michigan and Tennessee.

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