Greg Selkoe's Success Story

Founder of Karmaloop

Greg Selkoe is in his mid thirties now and already owns a business for millions - Karmaloop, a streetwear retail store. The company has developed a number of brands such as Naughty Monkey, Artful Dodger and Married to the Mob, making it very different from the run of the mill clothing stores in every shopping mall. Karmaloop is basically an online retail store, but Greg says that it is a lot more. “We're a community of style. ”

Greg Selkoe recently started Karmaloop TV, a new video venture and is also planning on a new social network called Junglelife.com. Although a decade back, during the starting years, he had to spend every single penny very carefully, things are a lot better now. More than 2.5 million visitors come to Karmaloop every single month. The most significant force in promoting the company is his own customers, who promote the store on their own. Karmaloop has also a steady stream of upcoming designers who bring freshness into the designs of the companies clothing.

Greg had earlier graduated from Harvard with a public policy degree. Although his was an urban planning background, the deeper cultural understanding that he got through his degree ultimately helped him grow his company from a basement startup into a big business. He understands that music, culture and clothing are all interlinked and has put that to maximum use.

Describing the reason for his success, Greg says that his ability to think and stay positive had helped him to keep at it even when things were not looking good. He says that many people thought that the company will never succeed. But he believed in himself and his own concept, and with the help of his team, he has been able to make it a really successful venture.

That is precisely what he advices other entrepreneurs to do as well - never to give up. It took a number of years for his company to make money. But he still kept going because he believed in himself and his idea, which ultimately made him succeed. Greg still does not feel as if he has finally arrived. He says that it is an ongoing process with always more room for improvement.

According to the data at our dispolsal, Karmaloop’s projected sales for 2008 were around $40 million.