Virgio, a fashion company founded by Amar Nagaram, former CEO of Myntra, recently underwent a restructuring exercise that resulted in the layoff of 20 employees, accounting for 33% of its workforce.
Virgio’s cost-cutting measures had the greatest impact on senior positions. This downsizing decision follows news of Virgio’s transition from a fast fashion to a sustainable clothing brand.
The company admitted that it had made some poor hiring decisions and promised to correct them as soon as possible. Employees were let go not because they lacked talent, but because they did not fit with the company’s current stage of development.
Aside from layoffs, the company has restructured its leadership team and is actively recruiting to fill open positions.
Prachi Sharma, who previously worked at Calvin Klein and Tommy Hilfiger, is now in charge of sourcing and design at Virgio. Hansa Nigam, formerly of OnePlus Nord in India, is in charge of Virgio’s marketing. Suyash Motarwar, who previously worked at Flipkart and PharmEasy, is in charge of Virgio’s technology division. Ashish Ranka, formerly of Flipkart and CoinSwitch, is the new head of product.
Virgio intends to create a younger, more agile team. The company recently raised $37 million from a mix of institutional and angel investors.
