Kanye West and Damon Dash
Kanye West is going into business with Damon DashInstagram

It looks like Kanye West is determined to conquer the fashion world one stylish venture at time. After making his New York Fashion week debut with his latest collection for sportswear giant Adidas, the US rapper has teamed up with former Roc-A-Fella mogul Damon Dash to purchase online streetwear retailer Karmaloop.

Taking to Instagram, the duo announced the news in a series of black and white videos alongside the 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."

Rumors that Dash was going into business with his former protégé first surfaced earlier in March after Karmaloop filed for Chapter 11 bankruptcy and prepared to start proceedings.

"So we just about to do some new s**t and just stick together culturally and take over the world, create a whole new industry and just play the game fair," Dash said in the short clip.

"You know, honourable people stick together, so this is how the generations do. Now you super famous [pointing to 'Ye] and we linking up and we decided to go buy Karmaloop. We just talked about it so it's gonna happen and a couple other cool things."

According to Karmaloop founder and CEO Greg Selkoe, West and Dash were several people interested in acquiring the site and he said the company was "having a lot of conversations and seeing intense interest in our brand."

West, who was on the cover of Vogue magazine with his wife Kim Kardashian in March 2014, stayed surprisingly silent.