With a growth upwards of 21 percent from 2021 to 2022 and over $500 million in sales, Figs was ranked in the upper half of Total Retail’s top 50 fastest-growing retailers list.
According to a recent Forbes article, Figs is the “Lululemon” of healthcare apparel. The brand outfits medical professionals with lab coats, pants, New Balance-partnered work sneakers, and their highly fashionable scrubs.
Two friends and Figs co-founders, Trina Spear and Heather Hasson happened upon the profitable business idea simply by recognizing a consumer need and acting on it. “My co-founder and best friend Heather Hasson was sitting with her friend, a nurse at Cedar Sinai who was wearing these awful boxy scrubs with the size on the back. A discussion ensued about her scrubs and Heather said she’d find her something better,” Spear explained.
The friends came from backgrounds involving investment banking and entrepreneurship—neither had experience with fashion nor healthcare. Spear and Hasson identified a gap in the medical apparel market, realizing that industry insiders were blind to the fact that consumers were not happy with boxy and baggy, ill-fitting, generic scrubs.
Figs gives scrubs a fashionable flare for both men and women. Their style-forward fitted cuts and innovative fabrics are for comfort, long wear, and easy care, while boasting anti-odor and anti-microbial properties. The medical couture is also functionally constructed with multiple pockets for medical equipment and instruments.
The New York Post reported that a 22-year-old nurse went viral for her “inappropriate” look while sporting the hip-hugging scrubs.
Another market-distinct attribute, Figs only sells directly to the consumer and through a virtual marketplace to accommodate healthcare workers’ hectic schedules.
“Our main goal is to make the lives of healthcare professionals better. We’re the brand that shows up every day to make sure they have what they need to do their jobs,” Spear explained. “We’ve built a brand in an unbranded, commoditized market.”
Spear went on to add, “We believe we have the scale and balance sheet to take our business to the next level, making strategic, disciplined investments in our future as we aim to double our annual net revenues to $1 billion.”
Figs’ net revenues almost doubled from $263.1 million in fiscal 2020 to $505.8 million in fiscal 2022. While the company suffered a $9.6 million loss in 2021, it was profitable in 2022, bringing in $22.1 million.
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