Creates a first-of-its-kind experience for healthcare professionals
Located in the popular Century City Mall, in close proximity to multiple healthcare institutions
FIGS, Inc. (NYSE:FIGS) (the “Company”), the direct-to-consumer healthcare apparel and lifestyle brand, today announced that its first permanent physical retail space – its Community Hub – is officially opening on November 3, 2023.
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FIGS has become one of the largest digital brands in the world, generating more than $500 million in net revenues in 2022, almost exclusively online. By expanding into physical retail, FIGS is responding to the overwhelming desire of its community to experience FIGS both online and in-person, as seen through the strong reaction to its retail pop-ups and other community activations.
FIGS’ Community Hubs aim to create even deeper connections among the FIGS community and shine a spotlight on healthcare professionals, who for the first time will have access to a premium store designed specifically for them. Community Hubs also provide an opportunity to drive increased revenues across the entire FIGS platform, particularly since customers who shop across multiple channels typically generate significantly more revenue than digital-only customers.
FIGS chose to open its first Community Hub at the Century City Mall in the heart of Los Angeles – one of FIGS’ largest markets. The mall has annual foot traffic of approximately 20 million people, counts five popular healthcare clinics among its tenants and is located within ten miles of six major healthcare institutions.
“We could not be more excited to open our first Community Hub, and to do it in Los Angeles, where FIGS was founded,” said Trina Spear, FIGS’ CEO and Co-Founder. “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. FIGS was the first to create an eCommerce experience for our Awesome Humans, and we are thrilled to now give them a first-of-its-kind retail experience.”
FIGS’ Community Hubs are much more than just a shopping experience. They not only enable healthcare professionals to feel, try on and buy their favorite FIGS products, they allow them to connect with one another and engage more fully with the FIGS community. These locations will also host events to celebrate healthcare professionals, provide programming on important issues that impact them, and create opportunities to network and share their stories.
FIGS intends to take a disciplined approach with its retail strategy, choosing markets with a high density of healthcare professionals. The Company plans to open its next Community Hub in the first half of 2024 in Philadelphia’s Rittenhouse Square, which is located within two miles of five healthcare institutions. Philadelphia has the fourth highest number of healthcare professionals in the U.S., and one in every six doctors in the U.S. has been trained there.
