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FIGS
Heather Hasson and Trina Spear founded FIGS in 2013 after Hasson, a fashion industry executive, observed that the medical apparel market had seen...
FIGS
Heather Hasson and Trina Spear founded FIGS in 2013 after Hasson, a fashion industry executive, observed that the medical apparel market had seen virtually no innovation in decades. They set out to design technical, form-fitting scrubs and sell them directly to healthcare professionals through a digitally native brand. The company is headquartered in Santa Monica, California, and has been publicly traded on the New York Stock Exchange since its IPO in May 2021. FIGS operates exclusively in the healthcare apparel and lifestyle category, selling scrub tops, pants, underscrubs, lab coats, and accessories through its own e-commerce platform. The company's strategy centers on brand-obsessed marketing, community engagement via its "Awesome Humans" ambassador program, and a supply chain that bypasses traditional distributors. This direct-to-consumer approach targets the massive, fragmented U.S. healthcare workforce — a market the company estimated at $12 billion in the U.S. alone in its S-1 filing. Internationally, the company has expanded into Canada, the U.K., and Australia. By the end of 2024, FIGS reported annual net revenues of over $580 million and counted more than 2.6 million active customers, per its full-year earnings release. The company operates no brick-and-mortar stores, running entirely through its digital platform. Spear, who serves as CEO, and Hasson, the executive chair, maintain joint control through a dual-class share structure. In March 2025, FIGS was taken private by the private equity firm Story3 Capital in a deal that closed in the second quarter, transitioning the company off the public markets. FIGS' defining structural feature is its status as a pure-play DTC brand in a category dominated by legacy wholesale incumbents like Careismatic Brands and Barco Uniforms. By controlling the entire value chain — from design and manufacturing to fulfillment and customer data — the company built a moat around its physician and nurse community before traditional competitors could replicate the model. The take-private by Story3 signals a new chapter focused on operational flexibility outside quarterly earnings pressure.
General information
Firm type
other
Year founded
2013
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Santa Monica
Corporate office
Santa Monica, CA, United States
Principals
Heather Hasson
Co-Chair
Trina Spear
Co-Chair and Chief Executive Officer
Sector focus
Frequently asked questions
Who makes the key strategic decisions at FIGS?
Trina Spear and Heather Hasson have led the company since its founding in 2013. Spear, as CEO, oversees day-to-day operations and long-term strategy, while Hasson serves as executive chair. They retained joint voting control through a dual-class share structure during the company's public tenure and continued in their leadership roles following the take-private by Story3 Capital in 2025.
What is FIGS' core business and how does it generate revenue?
FIGS designs, manufactures, and sells medical apparel and accessories directly to healthcare professionals via wearfigs.com. The company operates a pure e-commerce model with no physical retail stores. Its product line includes scrub tops, pants, outerwear, lab coats, and lifestyle apparel. Revenue comes entirely from direct-to-consumer sales, bypassing wholesalers and third-party distributors.
How did FIGS disrupt the medical apparel market?
Before FIGS, medical scrubs were overwhelmingly sold through fragmented distributors in utilitarian, comfortless designs. Hasson and Spear applied a fashion-industry lens to the category, introducing technical fabrics, tailored fits, and a direct-to-consumer digital experience. They built a brand community around healthcare workers through ambassador programs and social-media marketing, creating the first DTC cult brand in the scrub space.
What happened to FIGS as a publicly traded company?
FIGS went public on the New York Stock Exchange under the ticker 'FIGS' in May 2021, pricing shares at $22. After several years of public-market scrutiny, the company entered into an agreement to be acquired by private-equity firm Story3 Capital in March 2025. The transaction closed in the second quarter of 2025, returning FIGS to private ownership.
Does FIGS operate internationally?
Yes. While the United States remains its primary market, FIGS has expanded beyond domestic borders. The company ships to healthcare professionals in Canada, the United Kingdom, and Australia. International expansion has been a stated growth pillar, though North America still accounts for the vast majority of net revenues.
What is FIGS' customer base and market size?
FIGS targets the global healthcare workforce, which the company estimated in its S-1 at over 125 million professionals worldwide. In the U.S. alone, the addressable healthcare-apparel market was pegged at $12 billion. By early 2025, the company reported over 2.6 million active customers, a base it reaches primarily through performance marketing, word of mouth, and its 'Awesome Humans' ambassador community.
Who owns FIGS after the Story3 Capital deal?
FIGS was taken private by Story3 Capital, a Los Angeles and London-based private investment firm, in a transaction that closed in the second quarter of 2025. Co-founders Trina Spear and Heather Hasson maintained significant equity stakes and continued leading the company post-close. The specific ownership split among the founders, Story3, and any co-investors has not been publicly detailed.
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