For the final decade, Figs, the California producer of trendy uniforms for individuals working within the medical occupation, has targeting promoting its merchandise solely via its e-commerce channel.
However that’s altering. The $500-million enterprise simply opened its first retailer on the Westfield Century Metropolis buying middle, positioned in a Los Angeles neighborhood full of high-rise workplace buildings and a number of other medical places of work and clinics. A second Figs retailer is deliberate for Philadelphia within the first half of subsequent yr.
“We’ve at all times had retail as a part of our imaginative and prescient, to have a well being care-oriented retailer for well being care professionals,” mentioned Trina Spear, a former Wall Avenue funding banker who’s the corporate’s cofounder and chief govt.
The compact outpost, measuring barely lower than 1,000 sq. toes, will likely be greater than only a place to purchase clothes. It’ll additionally function as a group hub for professionals with occasions speaking about essential points impacting well being care employees and creating networking alternatives. “It’s not nearly buying. It’s about making that connection. We’re going to have weekly programming with completely different audio system and completely different occasions,” Spear defined. “Will probably be actually enjoyable and empowering. Psychological well being is a scorching subject in our group. We may have psychological well being specialists, all with the ethos of how do you serve your self as a well being care skilled so you possibly can return out and serve.”
Prior to now, Figs experimented with momentary shops. In 2018, Figs had a pop-up for a number of months on Melrose Avenue in Los Angeles. One other momentary retailer on Crosby Avenue in New York Metropolis opened within the fall of 2019 and closed in early 2020.
Then the pandemic hit and life for well being care employees received loopy. Now with well being care employees simply as essential as ever, it was time for that first everlasting Figs retailer, which is close to 5 well being care clinics and 6 main well being care establishments, together with UCLA Medical Middle and Cedars-Sinai Medical Middle.
Philadelphia was chosen as the following location as a result of there’s a giant focus of medical faculties and medical college students there. It’ll open within the Rittenhouse Sq. space, close to 5 well being care establishments, and be a lot bigger, at 4,000 sq. toes. “One in six docs is educated in Philadelphia,” Spear mentioned. “College students are a giant precedence for us. If we will catch them early on of their profession, they are going to be with us for 35 to 40 years.”
Extra Figs shops will likely be added as wanted. However the firm intends to take a disciplined method to its retail rollouts, sticking with areas with a excessive density of well being care professionals.
Figs has additionally tapped into the worldwide market with on-line gross sales in 24 international locations, together with Europe, Asia Pacific and the Center East, making up 11 % of whole revenues.
Figs was cofounded in 2013 by Spear and Heather Hasson, a style entrepreneur who’s the corporate’s govt chair. They believed well being care employees wanted higher and extra fashionable work garments. They produced a line of comfy appears that features fitted tops, jogger pants, jumpsuits, tops with mandarin collars and dropped-shoulder silhouettes. Many of the model’s clothes is manufactured in Asia, however Spear mentioned manufacturing is transferring towards the Center East and Latin America.
In 2021, Figs turned the primary firm led by two feminine entrepreneurs to develop into a publicly traded entity. It’s listed on the New York Inventory Trade.
Since they launched from their headquarters in Santa Monica, Calif., revenues have grown quickly. In 2020, web revenues got here in at $263 million. In 2021, web revenues totaled $419.6 million, and final yr, web revenues totaled $505.8 million.