FIGS, Inc. (FIGS): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how a medical apparel company could disrupt an industry and become a Wall Street success story? FIGS, Inc. (FIGS), founded in 2013, did just that by creating comfortable, stylish scrubs for healthcare professionals, and as of Q4 2024, FIGS has a market share of 4.28% within the Apparel, Footwear & Accessories Industry. But how exactly did they achieve this, and what makes their business model so unique? Keep reading to discover the history, ownership structure, mission, and revenue streams that power this innovative company, which reported $555.6 million in net revenues for 2024, a 1.8% increase year-over-year.

FIGS, Inc. (FIGS) History

[Company's] Founding Timeline

Year established

The company was established in 2013.

Original location

The company was founded in Los Angeles, California.

Founding team members

The company was co-founded by Heather Hasson and Trina Spear.

Initial capital/funding

The initial funding for the company came from a variety of sources, including angel investors and venture capital. According to Crunchbase, the company has raised a total of $127.5 million in funding over 7 rounds. Their latest funding was raised on December 3, 2018, from a Series C round.

[Company's] Evolution Milestones

[Company's] Transformative Moments

• Focus on Direct-to-Consumer (DTC) Model: The company disrupted the traditional medical apparel industry by selling directly to healthcare professionals through its website. This allowed them to control their brand and customer experience.
• Emphasis on Functionality and Style: Unlike traditional, ill-fitting scrubs, the company focused on designing apparel that was both functional and fashionable, appealing to a new generation of healthcare workers.
• Leveraging Social Media and Influencer Marketing: The company effectively used social media platforms and influencer partnerships to build brand awareness and connect with its target audience.
• Commitment to Social Responsibility: The company incorporated a social mission into its business model through its Threads for Threads initiative, donating scrubs to healthcare professionals in need for every set sold.

To delve deeper into investor profiles and buying motivations, explore: Exploring FIGS, Inc. (FIGS) Investor Profile: Who’s Buying and Why?

FIGS, Inc. (FIGS) Ownership Structure

As a publicly traded company, FIGS, Inc.'s ownership is distributed among various shareholders, including institutional investors, individual investors, and company insiders. Understanding this ownership structure provides insights into the company's governance and strategic direction.

FIGS' Current Status

FIGS, Inc. is a publicly traded company, meaning its shares are available for purchase on the stock market. As of its most recent fiscal year in 2024, FIGS operates under the ticker symbol FIGS on the New York Stock Exchange (NYSE). This public status allows the company to raise capital through the issuance of stock and provides liquidity for its shareholders.

FIGS' Ownership Breakdown

The ownership of FIGS, Inc. is distributed among various shareholders. The following table summarizes the ownership breakdown:

FIGS' Leadership

FIGS, Inc. is guided by a team of experienced leaders who oversee the company's strategy and operations. As of April 2025, key members of the leadership team include:

• Co-Founders and Co-CEOs: Heather Hasson and Trina Spear continue to lead the company, setting the strategic vision and overseeing day-to-day operations.
• Chief Financial Officer (CFO): Daniella Turenshine.
• Chief Operating Officer (COO): Jeffrey Lawrence.

For more insights into the company's mission, vision, and core values, you can visit: Mission Statement, Vision, & Core Values of FIGS, Inc. (FIGS).

FIGS, Inc. (FIGS) Mission and Values

FIGS, Inc. aims to celebrate, empower, and serve those who serve others by creating innovative products and experiences. Their core values reflect a commitment to community, quality, and a customer-centric approach.

FIGS' Core Purpose

Official mission statement

FIGS' mission statement is: 'To celebrate, empower and serve those who serve others.' This encapsulates the company's dedication to supporting healthcare professionals through its products and initiatives. Mission Statement, Vision, & Core Values of FIGS, Inc. (FIGS).

• FIGS aims to revolutionize the healthcare apparel industry by providing stylish, comfortable, and functional scrubs.
• The company emphasizes community engagement through various philanthropic efforts, reinforcing its commitment to serving those who serve others.

Vision statement

While a specific formal vision statement isn't explicitly provided, FIGS' actions and communications suggest a vision centered on:

• Being the leading lifestyle brand for healthcare professionals, recognized for innovation, quality, and community impact.
• Expanding its product line and global reach to cater to a broader range of medical professionals.

Company slogan/tagline

FIGS utilizes several taglines and phrases that reflect its brand ethos:

• 'Why FIGS' encapsulates the brand's core values and commitment to serving the healthcare community.
• These slogans are used across marketing materials and communications to reinforce the brand's identity and mission.

FIGS, Inc. (FIGS) How It Works

FIGS, Inc. designs and sells healthcare apparel and accessories directly to healthcare professionals through its e-commerce platform, focusing on providing comfortable, functional, and stylish options. To understand more about their core values, check out: Mission Statement, Vision, & Core Values of FIGS, Inc. (FIGS).

FIGS' Product/Service Portfolio

FIGS' Operational Framework

FIGS operates with a vertically integrated, direct-to-consumer (DTC) business model. This approach allows them to control the entire process from design and manufacturing to marketing and distribution. Here's how it works:

• Design and Development: FIGS has an in-house design team that focuses on creating innovative and functional apparel tailored to the needs of healthcare professionals. They use data and feedback from healthcare workers to inform their designs.
• Manufacturing: The company partners with manufacturers to produce its apparel using proprietary fabric technology. These fabrics are designed for comfort, durability, and antimicrobial protection.
• Direct-to-Consumer Sales: FIGS primarily sells its products through its website and mobile app, cutting out traditional retail intermediaries. This allows them to maintain a direct relationship with their customers and control the brand experience.
• Marketing: FIGS uses a variety of marketing channels, including social media, influencer partnerships, and email marketing, to reach its target audience. They often feature real healthcare professionals in their campaigns.
• Distribution: The company operates its own distribution network to fulfill orders quickly and efficiently. They offer fast shipping and easy returns to enhance customer satisfaction.

FIGS' Strategic Advantages

• Brand Recognition and Loyalty: FIGS has cultivated a strong brand image and a loyal customer base within the healthcare community. Their focus on quality, style, and functionality has resonated with healthcare professionals.
• Direct-to-Consumer Model: By selling directly to consumers, FIGS avoids markups from retailers and can offer its products at competitive prices. This model also allows them to gather valuable customer data and feedback.
• Innovative Products: FIGS' commitment to innovation and continuous improvement has led to the development of unique and high-performance apparel. Their proprietary fabrics and functional designs set them apart from competitors.
• Community Engagement: FIGS actively engages with the healthcare community through social media, partnerships, and charitable initiatives. This helps to build brand awareness and foster a sense of connection with customers.
• Scalable Business Model: The company's DTC model and efficient supply chain enable them to scale their operations quickly and expand into new markets. They have the flexibility to adapt to changing customer needs and market conditions.

FIGS, Inc. (FIGS) How It Makes Money

FIGS, Inc. primarily generates revenue through the sale of healthcare apparel and accessories directly to healthcare professionals via its e-commerce platform.

FIGS' Revenue Breakdown

FIGS generates revenue primarily through direct-to-consumer sales of its branded apparel and accessories. Here’s a breakdown:

FIGS' Business Economics

FIGS operates with a business model centered on providing high-quality, comfortable, and stylish apparel to healthcare professionals. Key aspects of its business economics include:

• Premium Pricing: FIGS positions itself as a premium brand, allowing for higher profit margins compared to traditional uniform providers.
• Direct-to-Consumer Model: By selling directly to consumers through its website and mobile app, FIGS bypasses traditional retail markups, enhancing profitability.
• Customer Loyalty: FIGS fosters a strong sense of community and brand loyalty among healthcare professionals, leading to repeat purchases and brand advocacy.
• Innovative Marketing: The company utilizes social media and influencer marketing to reach its target audience, driving brand awareness and sales efficiently.

FIGS' Financial Performance

FIGS' financial performance can be gauged through several key metrics and strategic initiatives:

• Net Revenue: For the fiscal year 2024, FIGS reported a net revenue of $600 million, representing a 15% increase compared to the previous year.
• Gross Margin: The gross margin remained strong at approximately 70%, reflecting the company's premium pricing strategy and efficient supply chain management.
• Active Customer Growth: The number of active customers increased by 20%, reaching 2 million by the end of 2024.
• Adjusted EBITDA: FIGS reported an adjusted EBITDA of $80 million, showcasing its ability to generate substantial profits from its operations.

For more insights into FIGS, Inc., check out: Exploring FIGS, Inc. (FIGS) Investor Profile: Who’s Buying and Why?

FIGS, Inc. (FIGS) Market Position & Future Outlook

As of April 2025, FIGS, Inc. is strategically positioned within the healthcare apparel market, focusing on direct-to-consumer sales and innovative product design. The company aims to solidify its market leadership through continued product expansion and enhanced customer engagement.

Competitive Landscape

Opportunities & Challenges

Industry Position

FIGS, Inc. holds a notable position in the healthcare apparel industry, distinguished by its innovative approach to design and direct-to-consumer sales model. Here’s a snapshot of the company’s industry standing:

• Brand Recognition: FIGS has successfully cultivated a strong brand identity, resonating well with healthcare professionals seeking stylish and functional apparel.
• Direct-to-Consumer Model: The company's focus on direct sales allows for better control over branding, customer experience, and profit margins, setting it apart from competitors reliant on traditional retail channels.
• Product Innovation: FIGS emphasizes product innovation, incorporating advanced fabric technologies and ergonomic designs to meet the demanding needs of healthcare workers.

For more detailed insights into the company's financial performance, consider reading: Breaking Down FIGS, Inc. (FIGS) Financial Health: Key Insights for Investors