Customers, many of them teenagers, lashed out at Karmaloop for ripping them off. Threads on Reddit and other sites feature bitter tales of lost money and missing merchandise.
Karmaloop stiffed Blake, like many of his followers, just before it filed for bankruptcy. In the video, Blake explained that customers who wanted a refund were directed to a bankruptcy site, where they could register as a creditor. Consumers who went through the Better Business Bureau and PayPal to get their money back were usually successful. I tried to get as many people paid up until the end. Premium Co. According to Premium Co. So after our settlement we washed our hands of them.
Mind you, all of these orders were for jewelry. This was before we started primarily producing clothing. They've reached out numerous times wanting to carry our apparel collections, but it just didn't make sense for us.
Most prominent among the brands owed thousands of dollars were Morale plummeted as layoffs started and those who remained were asked to do more with no additional pay.
But according to multiple former employees, on several occasions payroll was dropped from direct deposit. Several said bonuses were promised but never delivered. I was putting all my cash that I earned from selling portions of the business right back into the business knowing there was a good chance I was going to lose it.
But he had some old-school mentors. Several described him as manipulative and intimidating. He reportedly yelled if he wanted your attention and had his eyes glued to his phone during conversations. We had a relationship with our employees. I lent employees tons of money, paid for medical procedures, bailed people out of jail, wrote recommendations to multiple colleges.
My whole life has been about trying to empower those who are misunderstood. For all of his detractors, Selkoe does have plenty of supporters. He shared with Complex numerous correspondences from former employees and industry associates that thanked him for all he had done and wished him nothing but the best when Karmaloop was twisting in the wind after filing for bankruptcy. He let friends and even new employees he barely knew crash at his place until they could find an apartment.
He offered advice to young professionals who randomly hit him up via LinkedIn. He offered comfort to an employee transitioning to a woman by simply letting her use the ladies room and having her back if anyone said a word to her. I am Karmaloop! Selkoe was also vocal on Twitter when news broke that Kanye West and Damon Dash were seriously considering buying the company.
Dash even hinted on Instagram that a deal was imminent. Numerous outlets reported it was a done deal. Dash declined comment and a request for comment from West was not returned. After progressively losing more and more control of his company to outside investors, and his relationship with them growing more and more strained, Selkoe knew he was fighting a losing battle.
I was trying to work with them because I believed that Karmaloop had a lot in play and there was a lot the brand could still do. They were the only bidders. Nearly a month later, Selkoe sent a resignation letter sent to his Karmaloop family. And he kept doing it well. He made some bad decisions. First with the brands, then with the customers. Simultaneously, we need to show consumers that when you order something from Karmaloop, it shows up…and fast.
Many brand owners agreed that Karmaloop was worth saving. With the right leadership, it could once again thrive.
But earning back trust will be difficult. Just like all the customers who were burned will be reluctant to shop with Karmaloop again. Updated once every 10 mins. What to Read Next. Processed using artificial intelligence. Sep 1, 20, Hypes 15 Comments.
Nov 23, 9, Hypes 1 Comments. Aug 7, 54, Hypes 7 Comments. Aug 7, 13, Hypes 8 Comments. May 10, Hypes 0 Comments. Is iLoveMakonnen Retiring Soon? The third and final installment of his single trilogy. May 10, 2, Hypes 0 Comments. May 10, , Hypes 0 Comments. But behind the scenes, Karmaloop was unraveling like a cheap sweater. Truth be told, Karmaloop had stopped making money years ago.
By , it was deep in the red. Since then, customers, vendors, and business analysts have been trying to untangle what went wrong. But recent court filings and interviews with Karmaloop employees reveal a startling picture: Selkoe may have been a visionary with a talent for trendspotting, but former colleagues say he bred chaos all around him and knew little about running a business.
Pages: 1 2 3 4. Search for: Search. I'm a scraper This search result is here to prevent scraping. When Karmaloop filed for bankruptcy in March, everyone wanted to know: How did it all go wrong? Get a compelling long read and must-have lifestyle tips in your inbox every Sunday morning — great with coffee! Photograph by Toan Trinh.
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