Kanye West buys a fashion label

Rapper Kanye West is cementing his place in the fashion industry by purchasing a clothing label.

The hip-hop star has teamed up with his pal Damon Dash to buy online streetwear retailer Karmaloop.com, which recently fell into financial trouble and started bankruptcy proceedings this week (beg23Mar15).

Dash announced the news in a series of posts on his Instagram.com page, sharing a picture of himself posing with West and adding in a caption, "The Karmaloop thing is real... This is exactly how I saw things 10 years ago and he's (West is) doing some s**t that even I couldn't do but it's not my place to speak on it... But let's just say I am proud as f**k... That's the way it's supposed to be... Honourable people stick together... stay tuned of course... It's gonna be fun making history."

West has been making strides into the fashion industry in recent years, and launched his latest collection for sportswear giant Adidas at New York Fashion Week in February (15).