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Pangaia’s Net Losses Surpassed $50 Million in 2022

The ‘material 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.
A woman wears a bright green Pangai tracksuit with a grey coat and pink purse.
Pangaia's brightly coloured tracksuits propelled it to success during the pandemic, but the company has struggled to sustain momentum. ( Christian Vierig/Getty Images))

Pangaia, once one of fashion’s hottest start-ups, saw its net loss mount to $50.4 million in 2022, according to public filings.

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