The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.