Karmaloop.com Shows 81% Growth for 2011, with Revenues Topping $130 Million World's #1 Online Streetwear Retailer shows no sign of slowing down
BOSTON, Jan. 11, 2012 /PRNewswire/ -- Karmaloop.com today announced an estimated 2011 revenue number of $130 million – up 81% from its 2010 revenues of $72 million. This is the 11th straight year of double-digit percentage growth for the privately-held, Boston-based company. The company also released a list of highlights and milestones achieved in 2011 [see below].
"We're thrilled to report another record year for Karmaloop," said Karmaloop.com Founder and CEO Greg Selkoe. "We work hard to give our customers the brands and styles they want to buy, as well as the relevant and dynamic online video content that they demand. We remain as connected as ever to our audience through multiple channels and platforms, especially via social media. This close relationship allows us to be responsive to, as well as greatly influenced by, our customers."
Selkoe continued, "Karmaloop is more than just a retailer; it is a community of style, a media property, and the epicenter of Verge Culture. With all the amazing content on Karmaloop TV, our great Men's and Women's blogs, our exclusives and contests, and many other initiatives we go the extra mile to connect. And it continues to pay off."
As customers and industry insiders know, Selkoe lists his personal cell phone, email address and Twitter handle at the end of each of his frequent personal notes to the company's email list (as well as on the company's website). Karmaloop's growing customer base (in the millions, in over 40 countries) can always go right to the top, if necessary. He encourages them to get in touch if they have ideas, issues, or just want to shoot the breeze. And it's not an empty gesture – he responds to over a thousand customers a month via these personal avenues of communication.
Featured in national publications including USA Today, WWD and Internet Retailer in December 2011 pertaining to its status as a leading online retailer, Karmaloop.com was particularly explosive when it counted most: Black Friday and Cyber Monday 2011. On both days (Friday, November 25 and Monday, November 28) – the two biggest in the company's 11-year history – Karmaloop reported growth of more than 125% from the corresponding days in 2010: a truly impressive feat for an already-thriving retail juggernaut.
Karmaloop is currently ranked #180 on Internet Retailer's "Top 500" list of e-commerce retailers in the US. Karmaloop is projecting 60% growth in 2012, as well as the launch of several new projects and sites.
PLNDR.com, Karmaloop's men's and women's flash sale website, finished 2011 with $16.5 million dollars in revenue, bringing their revenue total to $20 million since the site launched in Q2 of 2010.
KARMALOOP.COM HOLIDAY 2011 HIGHLIGHTED STATISTICS / FACTS:
- Holiday 2011 featured the five highest traffic days in Karmaloop's 11-year history: Nov 25, Nov 28, Dec 11, 12 and 13.
- Black Friday and Cyber Monday 2011 showed 180% year-over-year lift in organic search revenue
- KARMALOOP.COM CYBER MONDAY (November 28, 2011)
- $1.8 million revenue (24 hours)
- 126% revenue increase over Black Friday 2010
- Biggest revenue day in Karmaloop.com company history
- 104% lift in revenue for the "Black Friday/Cyber Monday week" (Tuesday, Nov 22 to Monday, Nov 28)
- KARMALOOP.COM BLACK FRIDAY (November 25, 2011)
- $1.5 million revenue (24 hours)
- 129% revenue increase over Black Friday 2010
- Second-biggest revenue day in Karmaloop.com company history
- 35% lift over 2010 Black Friday conversion rate
- 39% lift over 2010 Black Friday traffic
In addition to all the exciting Karmaloop.com activity, sister company Karmaloop TV also saw huge growth in 2011. Views on the site's properties grew a staggering 845% over 2010, capping off 2011 with over 69 million video views.
Continuing to expand its original programming throughout the year, Karmaloop TV kept viewers coming back with consistently-updated channels like Antenna Cam, Here Comes the Neighborhood, FludWay TV, By Any Means, Derrick G and Illusive Media; as well as more original programming on popular Karmaloop TV-produced shows: The Daily Loop, Buyer Wire, Behind the Brand and A Day in the Life.
Karmaloop TV also made a powerful and eye-opening push into the world of longer-form channel programing in 2011, hiring world-renowned musician and entrepreneur Pharrell Williams as the network's Creative Director. Williams joined Karmaloop TV president Katie McEnroe, who came on-board in 2010 after successes as president of networks including AMC and WE tv.
Karmaloop TV enters 2012 with huge momentum, including just-awarded status as one of YouTube's coveted Premium Channels. Karmaloop TV will bring to light new ideas and plans to use its powerful platform and already-dedicated, millions-strong audience to give young people the programming they have been demanding for years. Stay tuned for more exciting news in the coming months.
KARMALOOP AND KARMALOOP TV 2011 HIGHLIGHTS:
- JANUARY – Karmaloop TV is the exclusive media sponsor of the Agenda New York fashion tradeshow.
- JANUARY – Karmaloop is a media partner for the Def Jam Cipher Sessions in New York City.
- FEBRUARY – Karmaloop is the exclusive media sponsor of the Slate fashion tradeshow in Las Vegas.
- MARCH – Karmaloop creates the official tour shirt for the Fool's Gold "Magic 8 Ball" tour, with DJ A-Trak.
- MARCH – Karmaloop TV participated as a media sponsor multiple times at the SXSW music conference in Austin, with activations including: Style Lab, Alternative Apparel and Vibe House.
- MARCH – Karmaloop sponsors Boston's Together Music Festival.
- MARCH – Karmaloop TV's Lil' Internet produces and films the "Que Que" music video by Diplo and Dillon Francis featuring vocalist Maluca, in Karmaloop TV's New York City studio. The video debuts on KarmaloopTV.com and goes on to spread worldwide to considerable acclaim.
- APRIL – Karmaloop TV is a media partner for Grey Goose's "Rising Icons" program.
- MAY – Pharrell Williams is named Creative Director of Karmaloop TV. Karmaloop CEO Greg Selkoe and Williams appear in interviews on CNBC and Bloomberg Television, discussing cable's lack of appeal to young "Verge Culture" viewers (tech-savvy, multi-cultural, fashion-conscious young people, the first generation "raised on the internet"), and how Karmaloop TV will address this underserved audience.
- JUNE – Karmaloop TV sponsors the Chairman's Reception at the NCTA (National Cable and Telecommunications Association) Conference in Chicago, which is attended by Oprah Winfrey.
- AUGUST – Karmaloop TV is a sponsor of the debut screening of the Palladium Boots-funded documentary "Tokyo Rising" in New York. The acclaimed film follows Karmaloop TV Creative Director Pharrell Williams through the artistic underground of Tokyo.
- SEPTEMBER – Karmaloop is lead corporate sponsor of the world-renowned American Repertory Theatre's performance of "Porgy & Bess" in Cambridge, MA.
- SEPTEMBER – Karmaloop TV debuts three new shows on its broadband channel: A Day in the Life, Behind the Brand and Sweat the World.
- SEPTEMBER – Karmaloop is a sponsor of the Identity and Rock the Bells music festivals.
- SEPTEMBER – Karmaloop TV launches the groundbreaking "Reclaim Your TV" grassroots marketing campaign, which allowed young people to have their voices heard about the need for a new cable network for them. Tens of thousands of young people contribute videos and social media buzz around the program, which continues throughout the fall and winter.
- SEPTEMBER – Karmaloop debuts its Fall 2011 Look book, shot at the historic Boston Public Library. This is the first time that a retailer has been allowed to shoot in the esteemed local landmark.
- OCTOBER – Karmaloop CEO Greg Selkoe appears in the season debut of the acclaimed HBO series "How To Make It In America," on October 2. (Karmaloop TV Creative Director Pharrell Williams appears in his own cameo, in the show's November 6 episode).
- NOVEMBER – Boylston Trading Co., a high-end Menswear retail and editorial site owned by Karmaloop (www.BoylstonTradingCo.com), launches to critical and consumer acclaim. Construction also began on a Boylston Trading Co. brick-and-mortar showroom in downtown Boston, which is slated to open in Q1 of 2012.
- NOVEMBER – Karmaloop's men's and women's members-only "flash sale" site PLNDR.com site closes in on its one-millionth member (after less than two years in existence).
- NOVEMBER – Karmaloop's Winter / Holiday 2011 Look book shoot is completed at Boston's House of Blues Foundation Room. Two resulting micro-sites showcase Karmaloop's first "click-to-buy" and "Living" Lookbooks, which garner positive consumer feedback (and sales).
- DECEMBER – Karmaloop's Rep program (its worldwide street team) surpasses 100,000 members. Sign-ups for the popular sales rep program grew 58% in 2011 from the previous year, and Rep-driven sales (with discounts spread via social media) account for more than 25% of Karmaloop.com's overall sales.
- DECEMBER – Karmaloop is a headline sponsor of the Basel Castle event as part of Miami's Art Basel festival. The event, hosted by Karmaloop TV's Pharrell Williams, draws over 2,000 people and features musical performances by Yelawolf, The Rapture, Chris Cab, Penguin Prison and Boston's Bad Rabbits.
- DECEMBER – Karmaloop's exclusive Monark Box monthly membership program is announced. First delivery for program is set for late January 2012.
- DECEMBER – Karmaloop debuts 36 celebrity "iKons" on the site, each with their own personally-selected Holiday Gift Guides on Karmaloop.com. iKons include: Pharrell Williams, Chris Evans ("Captain America"), Far East Movement, Kreayshawn, A$AP Rocky, Taryn Manning ("Hustle & Flow"), Talib Kweli, Cypress Hill, skateboarder Terry "TK" Kennedy and dozens more.
- DECEMBER – Karmaloop's Kazbah marketplace (where up-and-coming independent brands sell their goods on a consignment basis via Karmaloop.com) ended the year with $7.9 million in revenue, up 80% from 2010. There are currently 160 active Kazbah brands available on Karmaloop.com.
ABOUT KARMALOOP.COM AND KARMALOOP TV
Karmaloop.com – founded by Greg Selkoe in 2000 and headquartered in Boston, MA, with an office and TV studio in New York City – is one of the world's largest and most-respected online retailers of "streetwear" (including footwear, apparel and accessories). The company is anchored by its multi-platform retail website and lifestyle network – www.Karmaloop.com – which attracts more than 4.5 million unique monthly visitors and includes both retail shopping and original blog content.
Karmaloop.com sells over 500 men's and women's brands to a loyal customer base spanning 45 countries. Karmaloop, Inc. owns and operates Karmaloop.com, KarmaloopTV.com, PLNDR.com, Kazbah Underground Brands, Boylston Trading Co., and owns several private label clothing brands: Amongst Friends; Advocate; Fenced; Flud; KLP; Orisue; Pilot Licensing; Society Original Products; Sons of Liberty; Spool & Thread; and VGB.
The Karmaloop family also includes Karmaloop TV – www.KarmaloopTV.com. The property, currently a multi-platform broadband programming network, was launched in 2008 and averages more than 4 million monthly video views.
Karmaloop.com backgrounder, Karmaloop TV backgrounder, and Greg Selkoe biography available.