FIGS is a rapidly growing medical apparel brand that has taken the healthcare industry by storm. Founded in 2013 by Trina Spear and Heather Hasson in the United States, FIGS has quickly become the Lululemon of scrubs, offering a wide range of stylish and comfortable medical workwear for healthcare professionals.
The company's founders identified a gap in the market for functional and fashionable medical apparel that was missing from the traditional and commoditized medical apparel industry. They set out to create a brand that provided healthcare professionals with clothing that was not only comfortable, but also stylish and practical to wear.
FIGS has achieved this by offering body-conscious and style-forward designs made from innovative fabrics that are comfortable and easy to care for. The clothing features four-way stretch, anti-odor, anti-microbial, and moisture-wicking properties, making them ideal for long hours on the job. The styles are also functionally designed with plenty of pockets to hold everything medical professionals need to do their jobs.
One of FIGS' key competitive advantages is its direct-to-consumer model. The company has created a virtual destination that is always open, allowing healthcare professionals to shop whenever they have time. This approach has helped FIGS achieve impressive revenue growth, with net revenues nearly doubling from $263.1 million in fiscal 2020 to $505.8 million in fiscal 2022. The company was also profitable in 2022, to the tune of $22.1 million.
FIGS has been able to achieve this level of success by building a passionate customer base. The company has a 70% customer retention rate, and 60% of its business comes through word-of-mouth marketing. Once healthcare professionals experience the FIGS difference, they never want to go back to generic scrubs. The company has a virtual monopoly on healthcare workers' entire work wardrobe, with about 85% of professionals responsible for buying their own scrubs.
In addition to its direct-to-consumer model, FIGS is also expanding its brick-and-mortar presence. The company recently tested the opportunity for brick-and-mortar expansion in pop-up stores and plans to open its first permanent location in Los Angeles' Century City Mall in the third quarter. The stores will become destinations not just for scrubs, but for its expanded non-scrub ranges and a place to build and support the healthcare professional community.
FIGS also supports the healthcare community through its Threads For Threads initiative, which donates scrubs to professionals in underserved countries where proper healthcare uniforms are lacking. Last year, over 200,000 FIGS were donated through the program.
In summary, FIGS is a brand that has disrupted the traditional medical apparel industry, offering healthcare professionals stylish and comfortable clothing that is practical to wear. Its direct-to-consumer model, passionate customer base, and innovative products have helped the company achieve impressive revenue growth and profitability. FIGS is a brand that is committed to making the lives of healthcare professionals better, and it shows in everything they do.
Shop now：http://www.wearFIGS.com/