But his activities had consequences, as they gave him many enemies, one of whom was Narda Ravanna, a rival fashion designer whose business he had ruined. She attempted revenge on Kingsley but was thwarted by Spider-Man. After these incidents, Kingsley sought to protect himself and his empire by gaining more power.
One day, one of Kingsley's thugs named George Hill reported to him that he had stumbled upon the secret lair of Gustav Fiers in the hopes of earning a reward from his boss. Instead, Kingsley killed him to ensure that no one else got wind of the discovery.
Upon examining the lair and gleaning the secrets within it, Kingsley used several Goblin-based equipment and a diluted version of Globulin Green serum to adopt the identity of the Hobgoblin. He was able to gain enhanced strength, but also avoid the side-effect of induced insanity due to the serum being diluted to a certain degree, but then again Kingsley was already sadistic and twisted in his own manner, so that may have been a component in allowing him to avoid becoming even more insane than he already was.
He is currently partners with Fiers to fund development of super-criminal agents for use in the field of testing out specific armors in battle against Spider-Man, and then using the research to develop even stronger armors and superhuman agents to become part of the Sinister Six Initiative. In exchange, Kingsley gets a portion of the money the criminals make out in their individual heists.