FIGS, Inc. (FIGS): history, ownership, mission, how it works & makes money

A Brief History of FIGS, Inc. (FIGS)

Founding and Early Days

FIGS, Inc. was founded in 2013 by Heather Hasson and Trina Spear. The company aimed to provide high-quality, stylish scrubs and medical apparel for healthcare professionals. The founders recognized a significant gap in the market for well-designed, functional, and comfortable medical wear.

Product Diversification and Growth

Initially, FIGS focused on scrubs but gradually expanded its product line to include various medical apparel including lab coats, underscrubs, and accessories. By 2020, FIGS had introduced over 25 different styles of scrubs and expanded sizes to cater to all body types.

Financial Performance

In 2021, FIGS reported revenues of $263 million, a substantial increase from $140 million in 2020. The company's gross profit margin stood at approximately 60%.

Public Offering

FIGS went public on May 27, 2021, with an initial public offering (IPO) price of $22 per share. The company raised approximately $250 million during the IPO, which was used to fuel further growth and development. By the end of 2021, FIGS shares were trading around $34, representing a notable increase since the IPO.

Market Position

As of 2022, FIGS held a significant market share in the medical apparel sector, with estimates suggesting around 15% of the total market. The company continued to focus on online sales, which accounted for approximately 90% of total sales.

Sustainability Initiatives

In 2021, FIGS began implementing sustainability initiatives, committing to using 100% recycled materials for packaging by 2023. The brand also launched a program aimed at donating scrubs to healthcare professionals in need, reporting over 1 million scrubs donated since inception.

Recent Developments

As of October 2023, FIGS remains a leading brand in the healthcare apparel market with continued expansion into international markets. The company has introduced new product lines tailored for specific healthcare roles, including dentists and veterinarians.

Future Outlook

FIGS plans continued diversification of its product offerings and aims to increase its market share to 20% by 2025. The company is also focusing on enhancing customer engagement through innovative online platforms and targeted marketing strategies.

A Who Owns FIGS, Inc. (FIGS)

Ownership Structure

FIGS, Inc. is a publicly traded company, listed on the New York Stock Exchange under the ticker symbol FIGS. As of the latest data available, the ownership of FIGS consists of a mix of institutional investors, retail investors, and company executives.

Major Shareholders

The following table outlines the major shareholders of FIGS, Inc. along with their respective ownership percentages as of the most recent filings.

Recent Stock Performance

FIGS, Inc. had a market capitalization of approximately $1.36 billion as of October 2023. The stock price as of that date was around $12.50 per share, down from its peak of $49.00 per share shortly after its IPO in May 2021.

Insiders' Transactions

Since its IPO, there have been several notable insider transactions. The following table summarizes the recent insider transactions within the last quarter.

Institutional Investor Sentiment

In the most recent quarter, institutional ownership of FIGS remained strong, with over 54% of shares held by institutions. This indicates a robust confidence in the company's growth potential among institutional investors.

Future Outlook

As of 2023, FIGS, Inc. projects revenue growth of approximately 30% for the fiscal year, following a strong second quarter where the company reported $85 million in revenue. This growth places FIGS in a position to attract further investments and garner interest from additional institutional investors.

FIGS, Inc. (FIGS) Mission Statement

Overview of FIGS, Inc.

FIGS, Inc. is a direct-to-consumer healthcare apparel brand founded in 2013 by Heather Hasson and Trina Spear. The company specializes in premium scrubs and medical apparel, enhancing the comfort and style of healthcare professionals. Their mission is to improve the lives of healthcare professionals by providing high-quality, stylish, and functional apparel.

Core Mission Statement

The mission statement of FIGS, Inc. focuses on the commitment to delivering innovative, modern, and comfortable scrubs to healthcare professionals. This is encapsulated in the phrase: “We create the world’s most comfortable, technically advanced medical scrubs.”

Values and Principles

• Quality: Commitment to high-quality materials and manufacturing processes to ensure durability and comfort.
• Innovation: Continuous development of new fabrics and designs to meet the needs of healthcare workers.
• Community: Building a strong connection with healthcare professionals and supporting them in their daily lives.
• Sustainability: Incorporation of eco-friendly practices in their operations and product lines.

Market Position and Financial Performance

FIGS, Inc. has seen significant growth and success since its inception. As of 2022, the company reported revenue of $300 million, showcasing a substantial increase from $125 million in 2020. The high demand for healthcare apparel, amplified by the COVID-19 pandemic, propelled their market position.

Recent Statistical Data

Target Audience

FIGS, Inc. primarily targets healthcare professionals, including but not limited to:

• Nurses
• Doctors
• Medical assistants
• Healthcare students

Social Responsibility Initiatives

In line with their mission, FIGS actively participates in several charitable initiatives, including:

• FIGS for Good: A program dedicated to donating scrubs to healthcare professionals in need.
• Partnerships: Collaborations with organizations to provide medical supplies and services in underprivileged areas.

Future Goals

Looking ahead, FIGS, Inc. aims to further expand their product offerings and market reach, with projected revenue of $400 million for 2023. The brand continues to innovate and uphold its mission of supporting healthcare professionals.

Conclusion

Through its dedicated mission statement and commitment to quality, FIGS, Inc. has positioned itself as a leading brand in healthcare apparel, fulfilling both the functional and emotional needs of healthcare workers.

How FIGS, Inc. (FIGS) Works

Business Model

FIGS, Inc. operates primarily as a direct-to-consumer (DTC) brand focused on providing high-quality medical scrubs and apparel for healthcare professionals. Their business model emphasizes online sales through their official website, where they offer a wide range of products tailored to the needs of this niche market.

Product Offerings

FIGS offers a variety of products including:

• Scrubs
• Lab coats
• Medical accessories
• Footwear
• Compression socks

Market Position

As of 2022, FIGS has established itself as a leader in the medical apparel market, boasting a market share of approximately 30%. Their focus on quality and style has garnered them a loyal customer base, primarily among healthcare professionals.

Financial Performance

In 2022, FIGS reported a total revenue of $275 million, reflecting a 30% increase from the previous year. The company's gross profit margin stood at approximately 70%.

Customer Demographics

FIGS targets healthcare professionals, including:

• Nurses
• Doctors
• Surgeons
• Dental professionals
• Veterinarians

Their customer base is comprised of approximately 83% female customers.

Marketing Strategy

FIGS employs a multi-channel marketing strategy that includes:

• Social media campaigns
• Influencer partnerships
• Email marketing
• Content marketing

They have successfully utilized platforms like Instagram and TikTok to engage their audience, with over 1 million followers on Instagram.

Supply Chain and Production

FIGS sources its products through a combination of domestic and international manufacturers. Their supply chain focus is on:

• Quality control
• Ethical sourcing
• Efficient logistics

Their production facilities are primarily located in Portugal and China.

Company Growth

Since its founding in 2013, FIGS has expanded its product lines and market reach significantly. The company went public in 2021, raising approximately $400 million during its IPO.

Future Outlook

Forecasts indicate that FIGS may achieve revenues of approximately $350 million by 2024, driven by expanded product offerings and international market penetration.

How FIGS, Inc. (FIGS) Makes Money

Revenue Streams

FIGS generates its revenue primarily through the sale of premium medical scrubs, apparel, and accessories. The company operates both online and through a direct-to-consumer model.

Sales Performance

As of 2022, FIGS reported a total revenue of approximately $400 million, marking a significant increase from $250 million in 2021.

Product Categories

FIGS offers a variety of product categories, including:

• Scrubs: Comprising the majority of sales, with a reported revenue of $280 million in 2022.
• Accessories: Contributing $45 million to the total revenue.
• Other Apparel: Generating $75 million in revenue.

Customer Demographics

The primary customer base includes healthcare professionals such as nurses, doctors, and veterinarians. As of 2022, FIGS reported having over 1.8 million active customers.

Average Order Value

The average order value (AOV) for FIGS has been approximately $85, showcasing the premium pricing strategy typical of the brand.

Marketing Strategy

FIGS invests significantly in marketing to drive brand awareness and customer acquisition, with digital advertising expenses in 2022 amounting to $75 million.

Financial Performance Indicators

Challenges and Competitive Landscape

Despite its success, FIGS faces challenges from competitors in the medical apparel space, including Brands X and Y, which have also seen growth in the scrubs market. Analysis in 2022 showed FIGS holding approximately 35% of the market share in the premium scrubs segment.

Future Growth Projections

Looking ahead, FIGS is projected to achieve a revenue increase of approximately 20% year-over-year, anticipating revenues of around $480 million in 2023.

Direct-to-Consumer Model

FIGS's direct-to-consumer model allows for improved margins, with a 2022 direct-to-consumer sales figure of $350 million, representing a strong reliance on its online presence.

Global Expansion

The company is also exploring international markets for growth. As of 2022, international sales comprised roughly 10% of total revenue.

Partnerships and Collaborations

In recent years, FIGS has engaged in partnerships with various healthcare organizations, resulting in increased brand visibility and a reported $5 million in collaborative sales in 2022.

Conclusion of Financial Insights

The company's robust performance, noted consumer loyalty, and strategic marketing initiatives underscore FIGS's strong financial foundation and future growth potential.