Oatly CEO: IPO will help us capture demand<\/span><\/h2>\n<\/ul>\nMUST WATCH<\/h4>\n
<\/span><\/p>\n
FIGS also noted that “due to frequent wear, healthcare apparel continuously needs to be replenished, resulting in highly predictable, recurring demand for such products.”<\/p>\n
How FIGS got its start<\/h3>\n
The company, founded by co-CEOs Heather Hasson and Trina Spear, got its start in 2013.
\nAfter talking to medical professionals, Hasson said she realized there was demand for better-fitting scrubs that looked good and had better silhouettes instead of plain, boxy pale blue and pink uniforms.
\nHasson and Spear told CNN Business they started selling apparel to doctors, nurses and nurse practitioners in Los Angeles in the parking lots of hospitals from their cars. Then they ramped up the business to make it a 24\/7 online operation.
\nThey’re not overly concerned about possible competition from Amazon<\/span> (AMZN<\/span>)<\/span> or other online apparel retailers, they said, mainly because the business is so specialized.
\n“It takes a long time to build a brand. You can’t start a company like this overnight and have people suddenly believe in you,” Hasson said.
\nFIGS also should continue to benefit from sales of masks and other protective gear to doctors and nurses, even as companies like Etsy<\/span> (ETSY<\/span>)<\/span> have started to report weaker demand for masks now that people are getting vaccinated for Covid-19.<\/p>\n
<\/ul>\n“Health care professionals wore masks well before the pandemic. Mask and face shields are part of the professional uniform,” Hasson said.
\nFIGS is the latest unicorn to take advantage of the stock market’s strength this year and go public, joining the likes of ZipRecruiter, Oatly, Jessica Alba’s The Honest Company and Coinbase.
\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
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