Indian fashion startup Virgio has laid off 20 employees, representing 33% of its total workforce, as part of a cost-cutting and restructuring effort. This move primarily impacted senior staff members and follows the company's recent pivot from a fast-fashion model, inspired by Shein, to a sustainable, circular fashion brand. The layoffs, reported in late 2023, coincide with a significant leadership overhaul, where several top executives have been replaced by new hires from companies like OnePlus and Flipkart. Backed by investors such as Accel and Prosus Ventures, Virgio acknowledged past hiring missteps and is now recruiting to fill the vacated roles while repositioning itself in the competitive e-commerce industry.
