PANGAIA

The ‘materials science’ start-up, whose investors include funds backed by Will Smith and Leonardo DiCaprio, has struggled to sustain the momentum generated by its brightly coloured sweatsuits during the pandemic.

Krishna Nikhil has stepped down for family reasons after just over 18 months at the helm of eco-innovation brand, the company said.

The brand will cut as many as 50 jobs as it moves its headquarters from London to Switzerland.

After swinging to an operating loss of $41 million in 2021, the buzzy fashion startup has stabilised and remains focused on its ambition to build a materials science business.

Leather alternatives have been boosted as eco-innovation and dismissed as mere plastic, but the truth is more complicated than that and demands clearer marketing to avoid misleading consumers.