There only seems to be one Karpe family in the CDs of the 1890s. The man in the picture may be Gustave Karpe (senior). He seems to have died by 1898, but his son (presumably), Gustave A Karpe moves into the cigar business, and in the 1905 CD he has his own shop.
1893
Karpe Gustave, res SW cor Adams and Vermont Av
Karpe Gustave A. Jr., clerk M. L. Polaski, res SW cor Adams and Vermont Av
1898
Karpe Friderike (widow G.), r. 2627 Vermont av
Karpe Gustave A., salesman Rosen-stein, Cohn Cigar Co., r. 2627 Vermont av
1905
Karpe Cigar Co (Gustav A Karpe), cigars 208 Mercantile pi.
—Friederike (wid Gustav), h 2627 Vermont av.
—Gustav A (Karpe Cigar Co), bds 2627 S Vermont av.
—Wm G, cigars, bds 2627 Vermont av.