FIGS, Inc. commonly known as FIGS, is a prominent American corporation that specializes in the design, production, and sale of medical attire. FIGS was founded in 2013 by Heather Hasson and Trina Spear with a promising vision to offer high-quality, functional, and comfortable medical apparel to healthcare professionals, a neglected segment of the clothing market, needing an update to its wardrobe.
The company saw a profound opportunity to disrupt the medical apparel industry by shifting the image of simplistic, unflattering medical clothing towards a vision accentuated by fashion-forward, pragmatic, and comfortable scrubs. The breakthrough for FIGS came when it adopted a direct-to-consumer business model, selling its unique products online, principally through the company’s website.
FIGS emphasizes using innovative, technical fabrics that combine comfort, functionality, and style. Their clothing incorporates properties such as durability, wrinkle resistance, moisture-wicking, and antimicrobial technologies. It is well-known for creating the industry’s first-ever 100% Awesome™ fabric, which is soft, durable, and ridiculously comfortable.
The brand also incorporates a philanthropic initiative called Threads for Threads. Under this program, FIGS has donated hundreds of thousands of scrubs to healthcare providers in need around the globe, serving over 35 countries by 2021.
FIGS filed for its Initial Public Offering (IPO) and began trading on the New York Stock Exchange under the ticker symbol "FIGS" on May 27, 2021. The success of the IPO underlined investor confidence in the company's unique business model and growth prospects. They turned profitable in 2020, a rare feat for a company in its growth phase, primarily due to its robust direct-to-consumer business model that helped maintain margins.
From a small start-up to a publicly-traded powerhouse, FIGS has truly revolutionized the medical apparel industry. Beyond merely selling "scrubs," they've created a brand that healthcare professionals love and can proudly identify with. In the future, they plan to continue to innovate and expand their product range to cater to the evolving needs of healthcare professionals. This commitment to quality, innovation, style, and comfort differentiates FIGS from traditional medical apparel companies and positions them at the forefront of this industry.