Harvard graduate turned successful entrepreneur trend setter
CEO of Karmaloop, Greg Selkoe, takes his ‘street wear’ line from the basement to the streets
- Duration 9:05
- Date May 23, 2012
CEO of Karmaloop, Greg Selkoe, takes his ‘street wear’ line from the basement to the streets
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I speaking of Studebaker had philosophy give more than you promise and our next guest Greg sell -- pricing in a creek was -- who.
You are really on a roll you started out as an urban planner is that correct.
Yes this and then you launched a business in your basement if you parents' basement you were 25 results time for a second year 2000 and this -- -- this karma loop.
Deals and stuff that I don't Wear because -- -- Hip -- where.
Popular -- -- stuff that's popular with what fifteen to 34 year -- yeah like removing the top of the middle there doesn't have a good deals convoluted TV right.
TV and I love form glad you you didn't recent Atlantic easily but.
I came across something you talked about yesterday -- regulations in Boston area.
Are just seemed crazy -- and you're you're on the bandwagon your -- you know right in the horse to get these things change for instance James can't stay open 24 hours.
What other kinda crazy stuff are you seeing impressive -- Those -- you you know it's it's on this near dear hearts and happy to talk about but basically -- -- -- it -- -- tiger got out and it's a good plan I think it's it's relevant to the whole country in the whole the whole world is basically look.
You know you know I don't aggressive but I think you know I also have a very.
You know philosophy -- business you have to creative environment that -- allows business to flourish.
And we have all the students have come to Boston and a lot of them don't -- they leave -- and part of the reason is that there is that -- is a very -- city it's very hard to do anything.
Disorder to open a restaurant incredibly expensive as we have the highest the highest cost -- liquor licenses in the country very limited from.
Taxi medallions there's lots and lots of rules and regulation you need a permit to -- have that -- so.
It was -- -- you an example that was brought in the art might have actually mentioned but I think it's all relevant as a and and I collect shut down for days were dancing where they couldn't control their patients they weren't on the dance -- they're just moving in that city decided.
-- I think you know that sends a bad message to young entrepreneurs if you wanna have Citi that's gonna happen and we're doing very well you know I'm not -- -- on -- guys and knock knock in the hometown but.
I just think that there -- some of these sort -- rules regulations and the -- very much.
Top down sort of management style that move very powerful mayoral ship.
You know we -- powers constitute a very limited.
I think -- created the mayor to.
Let's just it derogatory dictator Yahoo! -- would do it on good finally up again let's talk about your business that's really right here and I did get it was interest in reading which candidate to say is thank.
How did you get the idea to create this business you're you're working for urban planning and then what -- -- -- -- -- -- Well as you know as one of the things -- -- businesses get off the ground it's sort of something that happens organically and it wasn't like.
I said hey.
I'm gonna pick a demographic I think I can make some money you know what there was no planning involved really does work is never -- something that I -- -- is doing right out of -- are still living at home.
This is that that does have a culture and clothing and and lifestyle that I was into a love DJ culture -- -- -- I love you know.
Hip hop electronic music.
Pop art graffiti art -- stuff that I thought was you know really cool and around this whole culture there was -- Underground fashion.
So -- Society.
Movement kind of bubbling up.
And if you live in big city couldn't get Ahold of a lot of these brands and so for me it was just like I woman is set up a third party web -- Have a couple brands of my basement I come home from work have a lot of energy.
You know -- -- my my girlfriend -- is now my wife and some reason humanity lies in the basement plainclothes all the time.
-- you know we would go we would get together and packer dealers are taking on the subway to work in the morning -- -- often into school from there I got a hundred million sales are we did over a hundred million and 2011 we should do over 200002012.
Regardless just launched.
Carlos China today I I got -- -- -- we're alive self reliant in mainland China we would do your collaboration political -- dot com.
So so you're really you're going gangbusters it's had its privately held companies you -- and then some I would imagine -- -- investors -- not just you are you don't like him.
Well you know I mean.
You know we're we're thinking about it I think the timing for us going IPO would still be a little bit of time you know.
Maybe -- -- but you know we -- every -- forgets Morgan Stanley and FaceBook is exactly well.
-- talk about the bosses of one of the reasons why we -- that was because FaceBook was in Boston and move to Silicon Valley and the idea is that you know we want to retain -- way that's a market you're watching.
Kind of move back to Boston we got to know more about the IPO thing.
Elements of the aggregate you're watching your from just up the road in New Jersey comeback religion and that's not and you need to -- yeah.
But -- I think the ideal thing is a consideration you know we could.
You know we're doing well are worried you know -- adopt positive so -- we can continue doing doing and we economic -- -- doing.
Carlin TV -- -- -- -- which is a share which is our skates I.
Wasn't trading which is I got higher and -- sort of more -- -- stuff.
The -- dot com which is a marketplace where we launch of that now -- -- K Alex -- -- women's low but it did that things have really get viewers ears popped them.
And -- that that age group is selling -- this is a hundred billion.
-- -- it's a massive market globally billions and billions I don't know food what the latest numbers are but I mean you think about every you know at least 1% kids in America.
I would find stuff that they want to -- a data file in this group probably more.
Globally or go to Japan -- -- in Europe we haven't.
Come on Europe cited by website in Denmark we Brandon -- Europe.
Awesome crew told fits the culture.
I mean everywhere you go in the -- -- culture and the -- clothing is is massive.
-- -- you know hundred million to 200 million -- this year I -- I would imagine things looking pretty good view when.
Once you hit to mid forties maybe your fifties in happier and -- -- -- I'd say at least they have had used a popular with the kids who will be your kids.
Yeah well I think one of the things is important is that where you know when you talk about you know.
Web 2.0 in this kind of things you want to bring in our and our non profit which is sharing information and sharing.
I don't make the decisions on -- clothing about obviously I think I've got a good fashion trend -- using a 500 pairs as he could.
Yeah but it appears -- 500 pairs of sneakers -- that a pair of Imelda Marcos yeah.
I don't like -- like the melanoma market -- male American and all the market again but.
But the answer is we have some amazing buyers they know what's going on.
We have an incredible relationship with our consumers who -- consumer tells us what they want to see so it's a democracy and we really have.
A lot of input on what brands what people think you're cool so.
-- us telling us telling people hey this is what you need to where's our audience we like -- This is what we like Emma let's see what we can -- -- who did you get the local clothing that they want.
-- when people have asked me you know keys to success in different industries I've always had you gotta love what you do.
You Wear your products and you -- mentioned at the beginning of our discussion that this is the stuff you like but you're wondering how to people in the big cities.
Is so I would imagine the number one key to success for you would also be gotta love what you do.
Yet it was we have the most is amazing staff in the world and they love the culture we live the culture that you -- no we have 200 people Boston.
Everyone's an -- I was a demographic.
Yeah we support their endeavors they have clothing brands they had their DD as a musician is doing like a big family.
And I think because we'd -- the -- or not that's reflected in everything we do and I think our audience sees that our our customers see that.
You know we always try to go above and beyond our customer service people.
-- clothing and set out that -- cards and -- make friends with our.
You know we -- Our our.
Customers and so.
I mean I think we just do things in a way that you know there's a lot of pass a lot of love what -- do when -- -- McConnell TV program.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Two years from now 200 million in sales 500 maintenance -- -- the you know I mean I don't I think what's most important is that we keep doing what we're doing well and that we keep having fun and we keep.
Doing creative -- things I want to make a prediction I mean it would clearly we're growing like gangbusters still I think we have a long way to go there's a lot of the world out there.
Which I -- -- in Canada.
You know I think.
The answers just keep doing we're doing and get up everyday and have fun I got to sort of break but I know censure from Boston you'll love the fact that -- -- silly and and -- Celtics -- -- with occasional.
All right Greg -- appreciate you being here congratulations on your business.
Good luck to you and I hope things move faster regulatory -- in Boston zionist or drive can be a nightmare imagine regulations with the same pace even smaller even slowing at a bad.
Roughly about my --