Women’s Wear Daily
04.20.2014
business
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Boston-based streetwear e-tailer Karmaloop.com has launched KarmaSwap.com this month, a new site where underground brands can sell product.

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KarmaSwapcom

Boston-based streetwear e-tailer Karmaloop.com has launched KarmaSwap.com this month, a new site where underground brands can sell product and where streetwear enthusiasts and sneaker collectors can sell or swap goods. The idea behind KarmaSwap.com, said CEO Greg Selkoe, was partially a reaction to the countless up-and-coming vendors who want to sell on Karmaloop.com — but only about 2 percent of new brands that apply to sell on the site are actually added to the assortment. KarmaSwap.com, he explained, gives new brands the chance to showcase their lines, and gives the sneaker traders and collectors a platform to buy and sell goods, gadgets and gear. The site, which is still in beta mode, is growing daily with new participants.

As the new business progresses, Selkoe said he hopes to set up a system in which consumers can trade products without any kind of monetary exchange.

Overall, Karmaloop.com had a great year despite the difficult economic situation, with sales up 50 percent from last year, said Selkoe.

“One of the things that made us successful is that we didn’t overthink things. We don’t make any projections or come up with a strict plan,” he said. “That’s the approach we’re taking here. We want to see how consumers respond and see where we can take it.”

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