Fashion brand, Virgio, which raised USD 37 million in Series A funding round has made pivot and moved away from fast fashion to launch a ecofriendly and sustainable brand, it said in a statement on Monday.
The company on Monday added, the company said in a press release that it launch a new version of the brand this week. According to the company, it will focus on circularity and innovation in order to change the ecological impact of fashion.
This change aims to address the modern fashion needs of consumers while being sustainable and community-friendly. Virgio initially used technology to streamline the entire fashion lifecycle for Gen Z and late millennials.
In a LinkedIn post, on 7 October, a LinkedIn post by Virgio’s Co-founder and CEO Amar Nagaram indicated that the brand has shut down. “Never thought that we’d come to these crossroads in exactly a year of launch of Virgio. We are overwhelmed with gratitude as we reflect on the incredible journey we’ve shared with you over the past year,” he said via a post.
Moreover, Nagaram stated, “While fast fashion is agile, trendy and caters to the growing needs of the young blood in India, it also promotes over production, over consumption. Fast fashion companies use harmful fabrics and exploit labour to cut corners on pricing and quality fuelling the market with what will be sent to landfills. It’s a global crisis and we all are witnessing it. That’s why we’ve made a conscious choice to move our entire efforts to build a circular fashion brand.”
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