FIGS Business Model Canvas

A core component of FIGS’ model is partnerships with thousands of healthcare professionals who act as brand advocates; by FY2024 FIGS reported over 75,000 creator engagements and influencer-driven traffic accounted for an estimated 28% of online cohort acquisitions in 2024.

FIGS secures multi-year manufacturing and mill contracts (72% COGS fabrics FY2024), shifted 28% production to sustainable mills by end-2025 (−12% scope 3 intensity vs 2023), uses 3PLs to reach US ship times 2–4 days and cut shipping cost/order to $6.40 (FY2024), and drives recurring TEAMS institutional sales (+28% YoY, ~18% revenue 2024); BNPL partners lifted e-comm conversion ~8–12% and AOV +15% (FY2024).

FIGS runs daily e-commerce ops to keep its site and app fast and reliable—aiming for sub-2s page loads and 99.9% uptime—while UX teams iterate A/B tests to lift conversion (company reported 2024 online revenue growth ~20%).

Frequent app updates add exclusive content and early-access drops, boosting repeat purchase rates (FIGS cited >40% repeat buyers in 2024) and driving higher LTV via seamless checkout and integrated payments.

FIGS spends ~3–4% revenue on R&D, cut garment weight ~15% and improved breathability 20%; 2024 launches raised repeat purchases 7% and repeat rate >40% (2024). Marketing drives e-comm with blended CAC ~37 (FY2024), 28% higher conversion in specialty cohorts, and community reach 18M with ~2.3M active members. Logistics: 3 regional DCs, 65% volume from 2 hubs, transit −28% vs 2019, stockouts −40% (AI error ~6% 2025).

As a DTC leader, FIGS owns first-party data on ~2.5 million customers and >$600M LTM revenue (FY2024), letting it retarget with >25% higher conversion versus industry email averages and deliver personalized recommendations that lift AOV by ~12%. This data also informs inventory planning, cutting stockouts and markdowns so FIGS sustains gross margins ~60%, a clear edge over legacy brands selling through third-party retailers.

FIGS’ FIONx fabric, DTC data (2.5M customers), and proprietary e-commerce/TEAMS platform drive premium pricing, ~35% gross on technical apparel and $718M LTM Sep 2025 revenue; R&D ~6% revenue, design team ~120 FTEs, repeat ~32–40% sustain margin and growth.

By selling direct-to-consumer, FIGS removes the need for clinicians to visit off-site uniform stores, cutting procurement time; in 2024 FIGS reported 87% of revenue from DTC channels, reflecting this shift. The intuitive e-commerce UX, easy returns, and subscription-style restock (repeat-purchase rate ~42% in 2024) save shift-working clinicians time and match digital-first workforce habits.

FIGS sells performance-driven, stylish medical apparel with 62% product gross margin (2024), $581M revenue (FY2024), 87% DTC revenue mix, AOV $95, and ~40% repurchase rate—combining comfort, antimicrobial tech, and community-led loyalty to raise LTV and drive cross-sell into non-scrub lines (~25% of 2024 revenue).

FIGS uses advanced email and SMS marketing segmented by profession and past purchases, sending over 120 million targeted messages in 2024 to boost relevance and repeat orders.

Personalized flows lift conversion: FIGS reported a 3.8% site conversion from segmented emails vs 1.4% for generic blasts in 2024, increasing LTV and reducing CAC.

FIGS builds loyalty via its Rewards program, social community (2.3M Instagram followers, 35% digital engagement lift in 2024), targeted email/SMS (120M messages, segmented emails conversion 3.8% vs 1.4%), empathetic support (5.8% return rate FY2024) and impact giving (100,000+ scrubs donated), driving repeat rates ~38% and DTC revenue $311.8M (2024).

FIGS uses Instagram and TikTok shoppable posts and Live Shopping to convert impulse buys from influencer feeds, cutting checkout steps and boosting conversion rates—social commerce drove ~12% of FIGS digital revenue in FY2024 (~$60M of $500M net revenue) and new-customer acquisition rose 18% via social channels in 2024.

FIGS’ omnichannel mix in 2024: website ~55% revenue, app 48% of online revenue with 5.2% conversion, social commerce ~12% of digital revenue (~$60M), TEAMS B2B grew 18% capturing bulk orders (50–5,000+ units), pop-ups cut returns (FIGS 12% vs industry 20%) and drove 8% of Q4 revenue during campaigns.

Medical and dental students are a priority entry segment for FIGS; capturing students at clinical rotations and white coat ceremonies builds lifetime value—FIGS reported in 2024 that students accounted for ~18% of US revenue and had 2.3x higher repeat-purchase rates over five years versus non-students.

Nurses ~60% retail revenue (2024); physicians premium buyers; students ~18% US revenue with 2.3x repeat; allied pros add +30–40% TAM (~$700M–$1.1B); B2B institutions ~22% revenue (2024).

This covers warehousing, order processing, and global shipping for FIGS; in 2024 FIGS reported fulfillment and logistics as a high-single-digit percent of revenue, with shipping/fulfillment and returns driving costs—refunds/returns in apparel average 20–30% return rates and cost per return ~$10–20. Global ocean freight rates rose ~15% in 2024 vs 2023, and fuel surcharges can change fulfillment margins by several percentage points.

Primary costs: COGS ~42% of revenue (FY2024 revenue $312.1M; COGS ≈ $131M), marketing ~$120M (FY2024), fulfillment & returns high-single-digit % of revenue with return rates 20–30%, R&D 6–8% (~$18–24M), SG&A 23.5% of revenue (G&A ~40% of SG&A).

FIGS' under-scrubs and technical base layers, launched as a category expansion, boost average order value—add-ons accounted for ~12% of 2024 revenue and base-layer gross margins exceed core scrubs by ~8 percentage points; these high-margin items leverage FIGS' proprietary fabrics and raised accessory attach rate, aiding a reported 2024 AOV lift of roughly $6 per transaction.

FIGS net revenue was ~$489M in FY2024: core scrubs drove most sales, lifestyle/outerwear = ~22% (gross margin ~63% vs 55% for scrubs), add-ons/base layers = ~12% revenue with ~8ppt higher margins, TEAMS (institutional) = $86M (+28% YoY, >60% reorder), international = ~24% of revenue.