The workwear company, which makes clothing for medical professionals, was founded eight years ago and grew its net revenues from $17.6 million in 2017 to $263.1 million in 2020. It has 1.5 million active customers and boasts a high retention rate too: Figs said about 50 percent of customers it acquired between 2017 and 2019 returned to buy more apparel.
Figs make clothing like scrubs with jogger bottoms and fitted lab coats. It’s one of several companies reinventing the lucrative workwear category by putting a stylish spin on utilitarian and typically generic apparel like scrubs.
“We have revolutionised the large and fragmented healthcare apparel market. We branded a previously unbranded industry,” Figs wrote in its IPO filing.
There are over 20 million healthcare professionals in the US, according to the Bureau of Labor Statistics and as Figs noted in its filing, “while multi-billion-dollar companies were focused on athletes, we believed that nobody was sufficiently focused on healthcare professionals.” The company plans to sell $100 million worth of stock.