fast fashion startup virgio

fast fashion startup virgio

fast fashion startup virgio

Amar Nagaram, the former CEO of Myntra and founder of fashion e-commerce startup Virgio, has announced a significant pivot for the company. Virgio, which was established just a year ago, is shifting its focus from fast fashion to sustainable fashion.

fast fashion startup virgio
image credit: bqprime

Nagaram shared this transformation in a LinkedIn post on October 7, explaining that the startup had arrived at a “crossroads.” He also included a screenshot of the company’s website, which stated that “The fast fashion brand you have come to love is no longer available.”

fast fashion startup virgio

In a press release, Nagaram stated, “While fast fashion is agile, trendy, and caters to the growing needs of the young generation in India, it also promotes overproduction and overconsumption. Fast fashion companies often use harmful fabrics and exploit labor to reduce costs, which ultimately leads to an excess of discarded clothing filling landfills. This is a global crisis, and we are all witnessing it. That’s why we’ve made a conscious choice to redirect our efforts toward building a circular fashion brand.”

fast fashion startup virgio

Notably, Virgio does not require additional capital for this pivot. The majority of the $37 million raised during Virgio’s Series A funding round last December remains in the company’s coffers, providing it with a cash runway of three years, according to Nagaram.

fast fashion startup virgio

Prosus Ventures, Accel, and Alpha Wave led the Series A funding round.

Virgio, founded in 2022, initially used technology to design, manufacture, and automate the purchasing process, streamlining the entire fashion lifecycle. Following the pivot, Virgio will prioritize the use of natural materials like cotton over synthetic fabrics like polyester.

Nagaram explained that this approach will result in clothing that can be used for longer periods, aligning Virgio with the principles of a circular economy in the fashion industry.

Additionally, this shift positions the startup to appeal to the environmentally conscious Gen Z demographic. Nagaram noted that Gen Z is now spending more and can afford sustainable fashion.

Pivots are not uncommon in the startup landscape, often driven by factors such as product-market fit, changing market dynamics, shifting customer preferences, or the emergence of new technologies. Virgio’s decision to pivot toward sustainability reflects a growing trend in the fashion industry and a recognition of the need for more environmentally responsible practices.

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