FIGS Business Summary

FIGS, Inc. (FIGS) operates as a digitally native, direct-to-consumer (DTC) healthcare apparel and lifestyle brand, primarily generating revenue through the high-frequency transaction of premium medical uniforms and related products. The company’s business is divided into two primary segments: Scrubwear, which accounts for approximately 84% of total revenue, and Non-scrubwear, a high-growth category comprising lifestyle apparel, outerwear, footwear, and accessories. FIGS leverages a proprietary fabric technology (FIONx) and a community-centric marketing strategy to maintain high gross margins and a premium price point. In the competitive landscape, FIGS competes with traditional manufacturers like Strategic Partners, Inc. (Cherokee and Dickies) and Barco Uniforms, as well as digital-first rivals like Jaanuu. FIGS distinguishes itself as the market’s premium disruptor, successfully de-commoditizing a historically unbranded industry through superior design and a seamless e-commerce experience. The company was co-founded in 2013 by Trina Spear and Heather Hasson, who serve as Chief Executive Officer and Executive Chairman, respectively. Spear brings a background in private equity and investment banking from The Blackstone Group and Citigroup, while Hasson provides the brand’s creative vision with a pedigree in fashion and entrepreneurship. The broader executive team includes Chief Financial Officer Sarah Oughtred, who joined from Lululemon in 2024, and Chief Technology Officer Mark Bixby, formerly of GameStop and Chewy. FIGS is supported by a high-profile board of directors that includes Jeffrey Wilke (former CEO of Worldwide Consumer at Amazon), Melanie Whelan (former CEO of SoulCycle), and Jerry Jao (CEO of Employ Inc.). Notable institutional backing includes Tulco, LLC, founded by early investor Thomas Tull, alongside major stakeholders such as BAMCO, Inc. and The Vanguard Group.