Figs, Century City Mall, Los Angeles (Photo: Business Wire)
A brand that started by selling its goods out of a parked car is expanding in brick-and-mortar.
Direct-to-consumer health care apparel company Figs has opened its first-ever retail store, at Century City Mall in Los Angeles, one of its largest markets and home base. A second location, in Rittenhouse Square, Philadelphia, is set to open in the first half of 2024.
Known for its stylish and comfortable medical wear and related items, Figs launched in 2013, with its two founders selling their goods to nurses, doctors and other healthcare workers out of their car in hospital parking lots before ramping up online. It made history in 2021 when it became the first company to go public whose founders are all women. The brand generated more than $500 million in net revenues in 2022, almost exclusively online.
The new Figs store, described as a “community hub,” aims to create deeper connections among the Figs community and shine a spotlight on health care professionals, who for the first time will have access to a premium store designed specifically for them, the company said.
In addition, the store will host events to celebrate healthcare professionals, provide programming on important issues that impact them and create opportunities to network and share their stories.
“Our community hub is a space for our awesome humans to not only experience our products in person, but to gather, share knowledge and provide support to one another,” stated Trina Spear, CEO and co-founder.
Figs said it intends to take a disciplined approach with its retail strategy, choosing markets with a high density of healthcare professionals. It noted that its next location, Philadelphia’s Rittenhouse Square, is located within two miles of five healthcare institutions. Philadelphia also has the fourth highest number of healthcare professionals in the U.S. — one in every six doctors in the U.S. has been trained there.
For its most recent quarter, ended Sept. 30, Figs reported net revenues of $142.4 million, an increase of 10.7% year over year, driven by an increase in orders from existing and new customers. The company also announced the appointment of Mario Marte, former CEO of Chewy to its board.