How Figs Became The Lululemon Of The $79 Billion Healthcare Apparel Market

Unlike other medical wardrobe suppliers, which offer baggy, ill-fitting, uncomfortable clothes with absolutely no style, Figs has become the Lululemon of scrubs.Figs offers body-conscious, style-forward designs with innovative fabrics for easy-care, long-wear and comfort with four-way stretch, plus anti-odor, anti-microbial and moisture-wicking properties. The styles are also functionally designed with plenty of pockets to hold everything medical professionals need to do their jobs.

“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 shared. “We’ve built a brand in an unbranded, commoditized market.”The company’s stated mission is “To celebrate, empower and service those who serve others,” and if its financial results are a measure of that service, it is doing it quite well. Net revenues nearly doubled from $263.1 million in fical 2020 to $505.

In the U.S., where it got its start in 2013, Figs has already reached over 10% of its total addressable market of 20 million healthcare workers. Active customers in the first quarter totaled 2.4 million, which grew from 1.5 million in March 2021 right before it went public. “We help professionals look good and feel good on their 12-hour, 16-hour and sometimes double shifts. They look put together and professional throughout, not sloppy,” Spear related.

About 85% of professionals are responsible for buying their own scrubs for work, like my ICU nurse son, so Figs can enjoy a virtual monopoly on their entire work wardrobe at an affordable price of $38 for a top $48 for a pair of pants. And because of the nature of their work, professionals may need to change not just every day, but multiple times per day.Brick-And-Mortar Stores

Its innovation didn’t go unnoticed. One industry giant, Strategic Partners Inc that does business under Careismatic Brandsagainst Figs in 2019, claiming that the company made false statements about its product and charitable efforts.

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