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.

7,5 %

66,5 %

5,4 %

+13,6 %

4.94

3.53

— FIGS, Inc.
%
Core scrubs65% Primary healthcare apparel including tops, pants, and scrub sets designed for daily clinical use.
Non-scrubwear apparel12% Lifestyle and off-shift apparel that extends the FIGS brand beyond uniforms.
Footwear and accessories13% Shoes, socks, bags, and other add-ons that complement the core uniform wardrobe.
B2B TEAMS7% Uniform and ordering programs for healthcare organizations and employer groups.
Customization and retail experiences3% Embroidery, heat press services, and in-person Community Hub or pop-up sales.

FIGS sells to healthcare professionals who want functional, comfortable, and branded apparel for long shifts and...

  • Individual healthcare professionalsprimary

    Primary DTC buyers purchasing scrubs, footwear, and accessories for daily clinical use and repeat replenishment.

  • Healthcare students and early-career workerssecondary

    Buy entry-level and core products as they build a professional wardrobe and brand loyalty.

  • Healthcare employers and organizationssecondary

    Buy through TEAMS for uniform programs, coordinated ordering, and employee convenience.

  • Lifestyle and off-shift customersemerging

    Purchase non-scrubwear and branded items that extend FIGS beyond workwear.

FIGS is headquartered and operationally anchored in the United States, where it runs its fulfillment center in...

  • •U.S.-centered business with fulfillment in Goodyear, Arizona
  • •Digital platform serves customers nationally and supports global reach
  • •Community Hubs and pop-up activations are primarily in the United States
  • •International expansion is mentioned as a future growth lever
  • •Single-fulfillment-center model increases operational concentration risk

FIGS is focused on deepening its direct relationship with healthcare professionals through product innovation, brand...

01
Increase customer retention and order frequencyshort-term

The business depends on repeat purchases from healthcare professionals, so retention drives lifetime value and lowers acquisition dependence.

02
Expand the product wardrobemedium-term

Adding footwear, accessories, and lifestyle items increases share of wallet and makes FIGS less dependent on core scrub demand.

03
Strengthen brand and community marketingshort-term

FIGS competes on brand affinity and direct customer connection, not just product utility.

04
Support selective international expansionmedium-term

International growth could broaden the addressable market but requires logistics, marketing, and capital discipline.

FIGS faces concentration and execution risk because its distribution is centered on a single fulfillment center and a...

high

Fulfillment center concentration

All product distribution relies on one leased Goodyear, Arizona fulfillment center, so outages or system failures could disrupt sales and service.

Scope
Inventory flow, order fulfillment, customer experience
Materiality
high
high

Marketing efficiency and customer acquisition

The company depends on digital traffic, search, social media, and email; higher acquisition costs or weaker engagement can reduce growth.

Scope
DTC traffic, conversion, repeat purchases
Materiality
high
high

Tariffs and import cost inflation

Cost of goods sold includes import duties, tariffs, freight-in, and other taxes that can move with trade policy and logistics costs.

Scope
Gross margin, inventory cost
Materiality
high
high

Demand cyclicality and growth sustainability

Management explicitly notes historical growth may not be sustainable, and macro pressure can affect replenishment and discretionary purchases.

Scope
Revenue growth, customer frequency
Materiality
high
medium

Shipping and logistics disruption

Damaged, lost, or delayed goods can trigger refunds, replacement costs, and reputational damage.

Scope
Outbound shipping, customer satisfaction
Materiality
medium
Revenue recognition at shipment
Net revenue and quarterly trend analysis
Return reserve and discount estimates
Revenue, gross margin, and liabilities
Inventory valuation and write-offs
Cost of goods sold and gross profit
Lease accounting
Liabilities, cash flow, and fixed-cost profile

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: 28/04/2026