Company:FIGS (apparel)

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FIGS, Inc.
TypePublic company
  • NYSE: FIGS (Class A)
  • Russell 2000 component
IndustryMedical apparel
Founded2013; 11 years ago (2013)
Founders
  • Heather Hasson
  • Trina Spear
HeadquartersSanta Monica, California, U.S.
ProductsScrubs
Number of employees
264 (December 31, 2021)
Websitewearfigs.com

FIGS is an American healthcare apparel brand based in Santa Monica, California.[1] The company sells scrubs that come in a variety of colors and styles, as well as a number of other products for healthcare professionals. It was founded in 2013 by Heather Hasson and Trina Spear, who both serve as co-CEOs.

History

FIGS was founded by Heather Hasson and Trina Spear in Los Angeles, California in 2013.[2][3] Hasson had the business idea when she realized that, unlike companies such as Lululemon, Under Armour, and Nike, that make clothes for athletes, there were no companies making fitted uniforms for health care professionals.[4][5][6] Spear worked on Wall Street at the time and helped Hasson develop the business idea.[7] Hasson and Spear started the company using only their personal savings.[8] They designed an alternative to the common scrubs available. Initially, they sold their product out of the parking lots of hospitals, getting feedback from staff.[8]

In 2013, Hasson and Spear raised a $2 million seed round so that they would not run out of product. In 2014 and 2015, they raised an additional $3 million.[9] In 2016, the Lululemon-backed venture capital fund, Campfire, led the Series A round in FIGS, through which an additional $5 million was raised.[10]

In 2017, Thomas Tull, businessman and founder of Legendary Pictures, became the company's majority owner after he invested $65 million in FIGS. Others who have invested in FIGS include Will Smith, Irving Place Capital, former Lululemon CEO Christine Day,[8] and Mohr Davidow Ventures.[11][9]

The company's headquarters are in Santa Monica, California .[1] In December 2015, FIGS was selected to join the Endeavor network, a startup accelerator and mentorship program.[12] As of 2018 the company had raised a total of $75 million in funding.[13][14] FIGS was recognized as one of the fastest-growing companies in the United States by Inc. in 2018,[15] with the company having a three-year growth of 9,948%.[7][16]

In 2019, FIGS opened a pop-up shop in Los Angeles .[11] The company employed close to 100 workers by 2019. They added face masks to their stock in response to the coronavirus pandemic in 2020.[17] The company expanded sales to Australia and the United Kingdom to meet the surging demand for medical equipment of all kinds caused by the coronavirus pandemic of 2020.[9]

In 2020, FIGS doubled its revenue to $263 million and had profits of almost $50 million.[18][19]

In May 2021, FIGS filed for an initial public offerings for $3 billion.[20]

On May 27, 2021, FIGS became the first company led by two female cofounders to trade on the New York Stock Exchange.[18] Also for the first time, the company allowed retail investors early access to purchase shares before the official sale began on the NYSE via the stock-buying app Robinhood Markets.[21]

Operation

FIGS sells scrubs and other associated medical apparel and products for all types of medical professionals. The apparel comes in a variety of different colors and styles, including scrub tops, scrub pants, underscrubs, lab coats, activewear, and loungewear.[22] The scrubs are made with a proprietary material that is antimicrobial for odor resistance with four-way stretch and pockets.[23]

The apparel are sold directly to consumers online from the company's website, rather than in medical supply stores as is common for scrubs.[24] The company predicted revenue of over $250 million in 2020,[25][26][27] mostly through the sale of its upgraded scrubs.[28] The company's warehouse is in City of Industry, California.[29]

Charitable operations

FIGS also operates the Threads for Threads program, which donates sets of scrubs to countries with limited access to medical apparel. The program includes giving trips and results in the donations of scrubs around the world.[30] By 2019 the initiative had donated over 500,000 sets of scrubs in over 35 countries.[31][32]

In spring 2020, due to the COVID-19 pandemic in the United States, the company donated 30,000 sets of scrubs to New York hospitals Bellevue and Mount Sinai, and sent 100 care packages to health care workers every week. FIGS contracted the production of over one million N95 masks and also donated them to hospitals and medical professionals.[33][34]

Marketing

In October 2020, FIGS released a promotional video featuring a female osteopathic physician[35] in neon pink scrubs reading a book titled "Medical Terminology for Dummies" while holding it upside down. The camera then cut to a zoomed in view of a blank badge labeled with the letters "DO".[36] The video was taken down after widespread criticism as sexist,[37] particularly from female osteopathic physicians.[38][39]

FIGS cofounders Heather Hasson and Trina Spear apologized for the video[39] Hasson and Spear stated they plan to hire consultants to help with future videos to avoid repeating this mistake.[39] The company later partnered with the American Osteopathic Association and pledged $100,000 to it.[39]

References

  1. ↑ 1.0 1.1 "Scrubs Makers Square Off | Los Angeles Business Journal". https://labusinessjournal.com/news/2019/nov/29/scrubs-makers-figs-spi-legal-fight/. 
  2. ↑ Chang, Andrea (July 3, 2013). "Start-up spotlight: E-commerce company Figs targets medical apparel". Los Angeles Times. http://articles.latimes.com/2013/jul/03/business/la-fi-tn-start-up-spotlight-figs-20130703. 
  3. ↑ Dahlberg, Nancy (May 5, 2016). "FIGS receives $5 million in Series A funding led by Campfire Capital". Miami Herald. http://miamiherald.typepad.com/the-starting-gate/2016/05/figs-receives-5-million-in-series-a-funding-led-by-campfire-capital.html. 
  4. ↑ "Don't Want No Scrubs? #WearFIGS" (in en-US). 2019-12-05. https://www.surfacemag.com/articles/figs-scrubs-nyc/. 
  5. ↑ Raphael, Rina (2018-07-06). "Female founders give scrubs a functional, fashionable makeover" (in en-US). https://www.fastcompany.com/40589057/female-founders-give-scrubs-a-functional-fashionable-makeover. 
  6. ↑ Gallagher, Jacob (2018-10-15). "This Company is Fast Becoming the Warby Parker of Scrubs" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/this-company-is-fast-becoming-the-warby-parker-of-scrubs-1539625191. 
  7. ↑ 7.0 7.1 Field, Hayden (28 May 2019). "This Woman Entrepreneur Liquidated Her 401(k) to Co-Found Her Company. Now, It's Bringing in $100 Million.". Entrepreneur. https://www.entrepreneur.com/article/334289. 
  8. ↑ 8.0 8.1 8.2 "'I Cashed Out my 401(k) to Start a Business and Paid $70,000 in Taxes and Fees. Here's Why I Have No Regrets'" (in en). https://money.com/i-cashed-out-my-401k-to-start-a-business-and-paid-70000-in-taxes-and-fees-heres-why-i-have-no-regrets/. 
  9. ↑ 9.0 9.1 9.2 Berg, Madeline. "Mission Critical? With Coronavirus Pandemic, Scrubs Maker Figs Steps Up Efforts To Spiff Up The Hospital Ward" (in en). https://www.forbes.com/sites/maddieberg/2020/04/28/mission-critical-scrubs-maker-figs-steps-up-efforts-to-spiff-up-the-hospital-ward/. 
  10. ↑ Dahlberg, Nancy (5 May 2016). "FIGS receives $5 million in funding led by Campfire Capital". Miami Herald. https://www.miamiherald.com/news/business/article75866967.html. 
  11. ↑ 11.0 11.1 Gonzalez-Rodriguez, Angela (2019-09-22). "FIGS, the start-up disrupting the 60 billion dollars medicalapparel market" (in en-us). https://fashionunited.com/executive/management/figs-the-start-up-disrupting-the-60-billion-dollars-medicalapparel-market/2019092230050. 
  12. ↑ Dahlberg, Nancy (December 4, 2015). "FIGS, SkyPatrol chosen for Endeavor network". Miami Herald. http://www.miamiherald.com/news/business/article48087885.html. 
  13. ↑ Ackerman, Ruthie (January 23, 2018). "FIGS Cleans Up With The 4th Largest Raise For A Female-Founded Company In 2017". Forbes. https://www.forbes.com/sites/ruthieackerman/2018/01/23/figs-cleans-up-with-the-4th-largest-raise-for-a-female-founded-company-in-2017/. Retrieved June 14, 2018. 
  14. ↑ "FIGS Raises $65M in Funding". FINSMES. January 23, 2018. http://www.finsmes.com/2018/01/figs-raises-65m-in-funding.html. 
  15. ↑ Morse, Brit. "From Snack Delivery to Sustainable Energy, Here Are the Fastest-Growing Companies in L.A.". Inc.. https://www.inc.com/brit-morse/2018-inc5000-fastest-growing-companies-los-angeles.html. 
  16. ↑ Gallagher, Jacob (15 October 2018). "This Company is Fast Becoming the Warby Parker of Scrubs". The Wall Street Journal. https://www.wsj.com/articles/this-company-is-fast-becoming-the-warby-parker-of-scrubs-1539625191. 
  17. ↑ "Doctors share their favorite face masks" (in en). https://www.nbcnews.com/shopping/apparel/best-face-masks-doctors-n1257689. 
  18. ↑ 18.0 18.1 "FIGS is the first company to go public led by two female cofounders" (in en). https://fortune.com/2021/05/27/figs-ipo-first-female-cofounders-to-go-public/. 
  19. ↑ Darmiento, Laurence (2021-05-27). "Not your grandparents' scrubs: Trendy medical-wear retailer Figs goes public" (in en-US). https://www.latimes.com/business/story/2021-05-27/figs-scrubs-shakes-up-medical-apparel-with-ipo. 
  20. ↑ "Scrubs maker FIGS eyes $3 bln valuation in IPO, to offer shares on Robinhood". May 21, 2021. https://www.reuters.com/business/legal/scrubs-maker-figs-eyes-3-bln-valuation-ipo-offer-shares-robinhood-2021-05-20/. 
  21. ↑ Dishman, Lydia (2021-05-24). "Figs stock is available to request on Robinhood before it debuts on the NYSE" (in en-US). https://www.fastcompany.com/90639981/figs-stock-is-available-by-request-on-robinhood-before-it-debuts-on-the-nyse. 
  22. ↑ Lieber, Chavie (2016-06-27). "Scrubs Finally Get a Long-Overdue Makeover" (in en). https://www.racked.com/2016/6/27/11978780/figs-scrubs-fitted. 
  23. ↑ Rittenhouse, Lindsay. "Meet the Startup Backed by Will Smith That Is Trying to Make Ugly Doctors Scrubs Cool" (in en-us). https://www.thestreet.com/investing/stocks/meet-the-startup-backed-by-will-smith-that-is-trying-to-make-ugly-doctors-scrubs-cool-14142946. 
  24. ↑ Berg, Madeline. "Mission Critical? With Coronavirus Pandemic, Scrubs Maker Figs Steps Up Efforts To Spiff Up The Hospital Ward" (in en). https://www.forbes.com/sites/maddieberg/2020/04/28/mission-critical-scrubs-maker-figs-steps-up-efforts-to-spiff-up-the-hospital-ward/. 
  25. ↑ Berg, Madeline. "Mission Critical? With Coronavirus Pandemic, Scrubs Maker Figs Steps Up Efforts To Spiff Up The Hospital Ward" (in en). https://www.forbes.com/sites/maddieberg/2020/04/28/mission-critical-scrubs-maker-figs-steps-up-efforts-to-spiff-up-the-hospital-ward/. 
  26. ↑ Fickenscher, Lisa (2020-11-04). "Medical scrubs startup Figs gears up for $4B IPO amid legal battle: Sources" (in en-US). https://nypost.com/2020/11/04/medical-scrubs-startup-figs-gears-up-for-4b-ipo-amid-legal-battle/. 
  27. ↑ "Masters of Scale with Reid Hoffman - Rapid Response: A prescription for healthy growth, with FIGS Co-CEO Heather Hasson on Stitcher". https://www.stitcher.com/show/masters-of-scale/episode/rapid-response-a-prescription-for-healthy-growth-with-figs-co-ceo-heather-hasson-82125997. 
  28. ↑ Berg, Madeline. "Mission Critical? With Coronavirus Pandemic, Scrubs Maker Figs Steps Up Efforts To Spiff Up The Hospital Ward" (in en). https://www.forbes.com/sites/maddieberg/2020/04/28/mission-critical-scrubs-maker-figs-steps-up-efforts-to-spiff-up-the-hospital-ward/. 
  29. ↑ "Disrupting medical scrubs" (in en-US). https://www.marketplace.org/shows/corner-office-from-marketplace/the-co-ceos-trying-to-disrupt-scrubs. 
  30. ↑ Wang, Connie. "Should Doctors Be Influencers? One Fashion Brand Is Betting On It" (in en-GB). https://www.refinery29.com/en-gb/figs-scrubs. 
  31. ↑ Rosmarin, Remi. "Figs makes innovative, durable scrubs that are popular with medical workers — here's how the brand is giving back to the healthcare community right now" (in en-US). https://www.insider.com/figs-donating-scrubs-to-healthcare-workers. 
  32. ↑ Gonzalez-Rodriguez, Angela (2019-09-22). "FIGS, the start-up disrupting the 60 billion dollars medicalapparel market" (in en-us). https://fashionunited.com/executive/management/figs-the-start-up-disrupting-the-60-billion-dollars-medicalapparel-market/2019092230050. 
  33. ↑ Berg, Madeline. "Mission Critical? With Coronavirus Pandemic, Scrubs Maker Figs Steps Up Efforts To Spiff Up The Hospital Ward" (in en). https://www.forbes.com/sites/maddieberg/2020/04/28/mission-critical-scrubs-maker-figs-steps-up-efforts-to-spiff-up-the-hospital-ward/. 
  34. ↑ Rosmarin, Remi. "Figs makes innovative, durable scrubs that are popular with medical workers — here's how the brand is giving back to the healthcare community right now" (in en-US). https://www.insider.com/figs-donating-scrubs-to-healthcare-workers. 
  35. ↑ "Scrubs brand FIGS comes under fire for 'insensitive' ad featuring female physician" (in en). https://abcnews.go.com/US/scrubs-brand-figs-fire-insensitive-ad-featuring-female/story?id=73599673. 
  36. ↑ Meyer, Zlati (2020-10-14). "Scrubs maker Figs made a medical mistake—in an ad. They apologized" (in en-US). https://www.fastcompany.com/90564306/scrubs-maker-figs-made-a-medical-mistake-in-an-ad-they-apologized. 
  37. ↑ Deliso, Meredith (14 October 2020). "Scrubs brand FIGS comes under fire for 'insensitive' ad featuring female physician". Good Morning America. https://www.goodmorningamerica.com/news/story/scrubs-brand-figs-fire-insensitive-ad-featuring-female-73599673. 
  38. ↑ "Figs, maker of scrubs, apologizes for 'insensitive' ad targeting osteopathic doctors" (in en-US). https://news.yahoo.com/figs-maker-scrubs-apologizes-insensitive-214824619.html. 
  39. ↑ 39.0 39.1 39.2 39.3 Andrew, Scottie; Ebrahimji, Alisa (15 October 2020). "Popular scrubs company FIGS generates backlash from women in medicine and DOs after insensitive video". CNN. https://www.cnn.com/2020/10/15/us/figs-scrubs-video-women-do-trnd/index.html. 

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