Virgio<\/a> says consumers\u2019 fashion preferences are changing rapidly and they are not satisfied with the incumbents\u2019 offerings. It is attempting to solve this by streamlining design, manufacturing and purchasing processes in \u201creal-time,\u201d offering Gen-Z and late millennials a platform where they can discover and purchase the new trendy apparels.<\/p>\nVirgio offers a wide-range of selection in casual, party and ethnic wear. Each week it adds new selections and customers receive large discounts and free shipping.<\/p>\n
The startup\u2019s approach has prompted some to draw comparisons between its model with that of the behemoth Shein.<\/p>\n
\u201cTraditionally, the fashion industry has operated on depth and discount models,\u201d said Nagaram, founder and chief executive of Virgio, in a statement.<\/p>\n
\u201cAt the core of Virgio is the tech foundation, which is always listening to evolving trends on social media platforms and predicting the demand for each trend. This is then fed into our agile and responsive supply chain to enable the trendiest, elegant and yet affordable line in near real-time. Thus, Virgio is pioneering the test and scale method, making runway fashion accessible and affordable for all consumers, while eliminating excess inventory for manufacturers,\u201d said Nagaram, a Flipkart veteran who took over Myntra\u2019s top job in 2019 before leaving the firm last year.<\/p>\n
The startup says its full-stack approach is allowing it to condense the typical lead time of eight to ten months to just one month. Its eponymous app has already amassed over 100,000 downloads, it said. (On Sensor Tower, the app reflects very little metrics as it is still too small.)<\/p>\n
\u201cThere is a large underserved market for branded apparel in India currently. For example, for women, only ~25% of fashion is branded apparel. The fashion industry in India is thus at an inflection point, driven by changing consumer preferences as a result of social media\u2019s influence, an important Gen-Z characteristic to individualize as a form of expression, and the integration of social commerce with social media platforms,\u201d said Ashutosh Sharma, Head of India Investments at Prosus Ventures, in a statement.<\/p>\n
\u201cWe are confident in Virgio\u2019s tech-first model and believe the startup\u2019s expert founding team is uniquely positioned to capture a large opportunity in India\u2019s fashion industry,\u201d he added.<\/p>\n
Scores of other entrepreneurs \u2014 including Mukesh Bansal, Kunal Shah, Binny Bansal, Bhavesh Agarwal, Vidit Aatrey, Saif Ali Khan, Sriharsha Majety, and Sameer Nigam \u2014 also invested in the round.<\/p>\n<\/p><\/div>\n
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Fashion startup Virgio, co-founded by Amar Nagaram, former chief executive of Myntra, has raised $37 million in a new financing round as the young firm looks to build \u201ca global fashion brand\u201d from the South Asian market. Prosus Ventures, Alpha Wave and Accel co-led Virgio\u2019s Series A funding, valuing the one-year-old startup at $161 million […]<\/p>\n","protected":false},"author":1,"featured_media":1150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":{"0":"post-1149","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tech"},"_links":{"self":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/1149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=1149"}],"version-history":[{"count":0,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/1149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/1150"}],"wp:attachment":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=1149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=1149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=1149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}