Sustainable-Fashion
Virgio, a fashion platform launched by former Myntra CEO Amar Nagaram, has stopped its operations after a year of its launch in 2022. This decision comes despite the company raising a significant amount of funds, totaling US $37 million, in December 2022. According to Nagaram, the company is shifting its focus from fast fashion to sustainable clothing and plans to make a comeback.
The company had received financial support from well-known entities like Prosus Ventures, Alpha Wave Partner, and Accel Partners during its Series A funding round. This funding valued the company at around US $160 million. Notable angel investors also included Bhavish Aggarwal, Sri Harsha Majety, Kunal Shah, Vidit Atrey, and Mekin Maheshwari.
Virgio announced the discontinuation of its fast fashion brand through a statement on its website. In a LinkedIn post, Amar Nagaram, Virgio’s founder and CEO, expressed his surprise at this crucial point exactly one year after the brand’s launch, deeming it a turning point for the start-up.
In a recent interview, Nagaram discussed his realization after a year of operations that fast fashion has harmful impacts, considering it a detrimental force. He highlighted the use of harmful fabrics and labor exploitation by fast fashion companies to reduce costs, sacrificing quality and contributing to a throwaway culture. Nagaram expressed a vision to change this perception by focusing on sustainability as a core principle for Virgio.
Nagaram emphasized a shift towards sustainability, intending to produce garments from naturally occurring materials like cotton, moving away from synthetic fabrics such as polyester. The goal is to extend the lifespan of clothing, promoting a circular economy in the fashion industry.
Notably, this transformation does not require additional capital, as the substantial funding of US $37 million raised by Virgio in 2022 remains securely within the company, ensuring a strong financial position with funding to sustain operations for up to three years.
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