Virgio’s Thrilling Transformation: Fast Fashion to Eco-Chic!
Virgio’s fast-fashion dream is over
Virgio, a fast-fashion startup valued at $161 million, is reportedly shutting down and pivoting to sustainable clothing, following a $37 million Series A funding round in December.
Virgio, a fast-fashion startup founded by a former Myntra chief, is reportedly in the process of winding down its operations, less than a year after successfully raising funds at a valuation exceeding $160 million. This development has been disclosed by two sources closely associated with the startup’s investors. Virgio, however, is presenting the situation as a strategic pivot rather than a shutdown.
On its website, Virgio announces, “The beloved fast-fashion brand you’ve known is now no longer available.” Amar Nagaram, the founder and CEO of Virgio, shared a somewhat cryptic LinkedIn post, stating, “I never imagined we’d reach this crossroads exactly one year after Virgio’s launch,” and characterized this shift as a “defining moment” for the startup.
On Monday, Virgio affirmed its commitment to pivot towards “sustainable clothing,” emphasizing that it had recognized the detrimental impact of fast fashion on the environment and society.
Virgio secured an impressive $37 million in Series A funding just last December, with investments from prominent backers such as Prosus Ventures, Accel, and Alpha Wave Global. This funding round had attributed a valuation of $161 million to the startup, according to Virgio’s own announcement.
Despite these developments, Amar Nagaram, the founder and CEO of Virgio, did not respond to a request for comment as of Saturday evening.
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Virgio’s underlying premise was rooted in the idea that as consumer fashion preferences evolved, many found the existing market offerings to be inadequate. The startup’s vision involved refining design, manufacturing, and procurement processes to cater more effectively to the needs of both Gen Z and older millennials. Virgio’s catalog encompassed a wide range of options spanning casual, festive, and traditional categories, with new additions introduced on a weekly basis.
