Greg Selkoe has a master’s degree in public policy from Harvard—but it’s his undergraduate degree from Rollins College in Florida that perhaps foreshadowed his success as an entrepreneur.
“I studied anthropology, which is the study of cultures. Specifically, my interest in urban cultures has translated very well.” As the founder and CEO of Karmaloop, Selkoe, 36, built an empire by recognizing the “Verge Culture” at its infancy, and then giving those consumers what they wanted (think hoodies, sneakers, iconic T-shirts, and other fashions popular with skateboarders and the hip-hop crowd) in a convenient and affordable way.
Selkoe describes the verge culture as “a new, growing multicultural group of teens and young adults who communicate digitally and globally to spread the latest trends in music, fashion, technology, art, and action sports.” It’s a group that spends a lot of money on street wear and uses technology not only to shop for their favorite styles, but also to promote them.
Selkoe had a valuable edge in communicating with his target demographic: He was a member of the verge culture himself, having earned money in his 20s by break dancing on the streets of Boston. “Our model for success was authenticity. I was into this culture and loved the culture and the products. we built a connection with the audience.”
As a result, Selkoe built the Boston-based Karmaloop into an online retail empire with projected 2011 retail revenues of more than $130 million. Social media has been a key to the company’s success. The site has an opt-in email list of more than 1.7 million, gets more than 5 million monthly online video views, and has more than 4.5 million unique visitors a month. “We were using social media long before they were buzzwords,” Selkoe says.
In data released today, the company said that its 2011 revenues were up 81 percent over 2010’s $72 million take. The holiday season was especially cheery for Karmaloop: Black Friday and Cyber Monday 2011 showed a 180 percent year-over-year lift in organic search revenue.
The company’s latest endeavor: Karmaloop TV, a dedicated, 24-hour street-culture television network that will feature a mix of original series and cult-classic movies. Kate McEnroe, who previously held leadership posts at Lionsgate and Rainbow Media, serves as president of Karmaloop TV. McEnroe—who, Selkoe says, invested several million of her own money into the venture—serves as an effective liaison between the creative and business sides of the business. “She channels the staff’s creative energy, but can also talk the language of CFOs.”
The latest addition to the Karmaloop TV executive ranks brings some star power—not to mention street cred—to the team. Pharrell Williams, a Grammy-winning entertainer and producer and creator of successful clothing brands such as Billionaire Boys Club—was named creative director in may 2011. “He is the quintessential verge culture hero,” says Selkoe, who says Karmaloop TV hopes to be on air sometime this year.
Karmaloop Posts Big 2011 Revenue Gains And Aims For Tv Launch
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