Published Mar 27, 2015Kanye West has been making more headway in the world of fashion with his new Adidas line, and now it looks as if the rapper is taking on another clothing-related project, since he's apparently in talks to buy the web retailer Karmaloop.
The company recently filed for Chapter 11 bankruptcy, and a string of social media posts this week suggest that Kanye will be teaming up with Dame Dash (a music industry entrepreneur and one of the co-founders of Roc-A-Fella Records) to buy the Boston-based streetwear company.
The most telling piece of evidence is an Instagram video posted yesterday (March 26) that shows West and Dash standing together as the latter says, "We linking up. We decided to go buy Karmaloop. We just talked about it so it's going to happen."
This follows a string of similar comments; in an interview posted on Monday by Hip Hop Motivation, Dash similarly expressed his intention to buy Karmaloop with West.
While some sources are reporting the purchase as a done deal, the Boston Business Journal reports that the sale still isn't official. Karmaloop boss Greg Selkoe wrote in an email to the publication, "As we confirmed earlier this week, Kanye and Dame are among several people we've spoken with about Karmaloop. We're having a lot of conversations and seeing intense interest in our brand."
Currently, Karmaloop, which was founded in 2000, is restructuring millions of dollars in debt.