FIGS, Inc.
FIGS, Inc. is a direct-to-consumer healthcare apparel and lifestyle brand built around scrubs, footwear, and related products for healthcare professionals. The company sells primarily through its digital platform, with additional B2B TEAMS sales and physical Community Hubs that extend the brand beyond online commerce.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePrimary healthcare apparel including tops, pants, and scrub sets designed for daily clinical use.
Lifestyle and off-shift apparel that extends the FIGS brand beyond uniforms.
Shoes, socks, bags, and other add-ons that complement the core uniform wardrobe.
Uniform and ordering programs for healthcare organizations and employer groups.
Embroidery, heat press services, and in-person Community Hub or pop-up sales.
Products
Reported · share of revenue- Scrubwear80.6 %
- Non Scrubwear Lifestyle19.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
FIGS sells to healthcare professionals who want functional, comfortable, and branded apparel for long shifts and frequent wear. Its customer base includes nurses, physicians, technicians, students, and other clinical workers, plus healthcare employers that buy through TEAMS for staff outfitting. The brand also targets customers who value style, community, and repeat purchases across work and off-shift wardrobes.
Primary DTC buyers purchasing scrubs, footwear, and accessories for daily clinical use and repeat replenishment.
Buy entry-level and core products as they build a professional wardrobe and brand loyalty.
Buy through TEAMS for uniform programs, coordinated ordering, and employee convenience.
Purchase non-scrubwear and branded items that extend FIGS beyond workwear.
Strategy
FIGS is focused on deepening its direct relationship with healthcare professionals through product innovation, brand marketing, and customer retention. It is also expanding the wardrobe beyond core scrubs into footwear, accessories, and lifestyle products while using TEAMS and Community Hubs to broaden distribution and engagement. The company continues to invest in performance marketing, ambassador-led storytelling, and collaborations to strengthen brand awareness and drive repeat purchases.
The business depends on repeat purchases from healthcare professionals, so retention drives lifetime value and lowers acquisition dependence.
Adding footwear, accessories, and lifestyle items increases share of wallet and makes FIGS less dependent on core scrub demand.
FIGS competes on brand affinity and direct customer connection, not just product utility.
International growth could broaden the addressable market but requires logistics, marketing, and capital discipline.
Geography
Q1/2026FIGS is headquartered and operationally anchored in the United States, where it runs its fulfillment center in Goodyear, Arizona and most brand activations and retail touchpoints. The company describes its community as global, but the disclosed operating model is still centered on U.S. digital commerce and U.S.-based logistics. International expansion is a strategic variable because it affects marketing, supply chain, and capital needs.
Share of the revenue the company reports by geography.
Risks
FIGS faces concentration and execution risk because its distribution is centered on a single fulfillment center and a digital-first sales model. Demand can also be affected by macro pressure, marketing efficiency, shipping disruptions, tariffs, and the possibility that historical growth is not sustainable. As a consumer brand in a competitive apparel category, it must keep product innovation and brand relevance high while managing inventory, returns, and customer acquisition costs.
- Tariffs and import cost inflationImpact: HighLikelihood: High
Cost of goods sold includes import duties, tariffs, freight-in, and other taxes that can move with trade policy and logistics costs.
Exposure - Fulfillment center concentrationImpact: HighLikelihood: Medium
All product distribution relies on one leased Goodyear, Arizona fulfillment center, so outages or system failures could disrupt sales and service.
Exposure - Marketing efficiency and customer acquisitionImpact: HighLikelihood: Medium
The company depends on digital traffic, search, social media, and email; higher acquisition costs or weaker engagement can reduce growth.
Exposure - Demand cyclicality and growth sustainabilityImpact: HighLikelihood: Medium
Management explicitly notes historical growth may not be sustainable, and macro pressure can affect replenishment and discretionary purchases.
Exposure - Shipping and logistics disruptionImpact: MediumLikelihood: Medium
Damaged, lost, or delayed goods can trigger refunds, replacement costs, and reputational damage.
Exposure
Accounting
Judgemental itemsRevenue is recorded when control transfers, so shipping cutoffs and order timing affect quarterly comparability.
Impact: Net revenue and quarterly trend analysis
Net revenue is reported net of estimated returns and discounts, requiring judgment based on historical patterns.
Impact: Revenue, gross margin, and liabilities
The company sells fashion-sensitive apparel with color/style releases, so excess or obsolete inventory can require write-downs.
Impact: Cost of goods sold and gross profit
The fulfillment center and other facilities create operating lease obligations that affect balance sheet leverage and fixed commitments.
Impact: Liabilities, cash flow, and fixed-cost profile
Similar listed companies
Publicly listed companies with a comparable business focus.
Fidelity National Information Services, Inc.
FIS · Services-Business Services, NEC
Healthcare Services Group, Inc
HCSG · Services-Nursing & Personal Care Facilities
Figma, Inc.
FIG · Services-Prepackaged Software
Superior Group of Companies, Inc
SGC · Apparel & Other Finishd Prods of Fabrics & Similar Matl
Stitch Fix, Inc.
SFIX · Retail-Catalog & Mail-Order Houses
First Choice Healthcare Solutions, Inc.
FCHS · Services-Medical Laboratories
Last updated: 24/09/2026