FIGS Bundle
Who Really Owns FIGS?
Understanding the ownership of a company like FIGS is essential for investors and anyone interested in the healthcare apparel market. FIGS, Inc., a leading direct-to-consumer brand, has seen its ownership evolve significantly since its founding by Heather Hasson and Trina Spear in 2013. The company's journey, marked by its FIGS SWOT Analysis, offers valuable insights into its strategic direction and market influence.
This exploration into FIGS ownership will examine the shift from its founding to its IPO in May 2021, and the subsequent impact of institutional and individual investors. We will also analyze the influence of key shareholders and the current ownership structure, providing a comprehensive overview of who controls FIGS and the implications for its future. With net revenues reaching $151.8 million in Q4 2024, understanding the FIGS company ownership is more crucial than ever.
Who Founded FIGS?
The story of who owns FIGS, the company, begins with its founders, Heather Hasson and Trina Spear. They launched the company in 2013, aiming to revolutionize healthcare apparel. Their initial vision and early execution set the stage for the company's growth and evolution.
Hasson, with her fashion industry background, identified a need for more modern and functional scrubs. Spear, bringing her experience from Wall Street, helped shape the business strategy. Together, they started with a direct-to-consumer approach, selling scrubs directly from hospital parking lots to gather feedback and build their brand.
The founders initially funded the venture themselves. Their early efforts were crucial in establishing the company's foundation and attracting initial investors. The early ownership structure played a significant role in shaping the company's trajectory.
Seed Funding
In 2013, FIGS secured a $2 million seed round. This initial investment was critical for fueling early operations and expansion. Further investments followed in 2014 and 2015.
Series A Funding
The company raised $5 million in a Series A round in 2016, led by Campfire, a venture capital fund backed by Lululemon. This marked a significant step in their financial growth.
Thomas Tull's Investment
In 2017, Thomas Tull, the founder of Legendary Pictures, invested $65 million. This investment significantly altered the company's ownership structure, making Tull a majority owner. Tull's investment vehicle, Tulco, LLC, later became the majority shareholder.
Early Investors
Early investors included Will Smith, Irving Place Capital, former Lululemon CEO Christine Day, and Mohr Davidow Ventures. These investors played a role in the company's early development and growth.
Tulco's Acquisition
As part of Tull's 2017 investment, Tulco bought out many of the earlier investors. This move consolidated the ownership structure, with Tulco becoming the sole outside investor at that point. This was considered unusual in the venture capital community.
The Founders' Role
Heather Hasson and Trina Spear remained integral to the company's leadership. They continued to shape the company's vision and strategy, even as the ownership structure evolved. The founders' vision was key to the company's success.
Key Takeaways on FIGS Ownership
The evolution of FIGS ownership reflects its growth from a startup to a publicly traded company. Understanding the FIGS company ownership structure is crucial for investors. The company's journey highlights the importance of strategic funding and the impact of major investors. For insights into the competitive landscape, consider exploring the Competitors Landscape of FIGS.
- Founders Heather Hasson and Trina Spear started with personal savings.
- Seed funding rounds helped fuel initial growth.
- Thomas Tull's investment in 2017 significantly altered ownership.
- Tulco, LLC, became the majority shareholder.
- Early investors included notable figures like Will Smith.
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How Has FIGS’s Ownership Changed Over Time?
The initial public offering (IPO) of FIGS, which occurred on May 27, 2021, marked a significant shift in its ownership structure. The company listed on the New York Stock Exchange under the ticker 'FIGS,' with an offering of 26.4 million shares at $22 per share. This IPO valued the company at approximately $4.4 billion at its debut. The founders, Heather Hasson and Trina Spear, along with Tulco, LLC, held all outstanding shares of Class B common stock immediately after the IPO, representing about 78.7% of the total voting power.
The IPO involved FIGS selling 4,636,364 shares of Class A common stock, while Tulco, LLC, sold 25,707,953 shares. FIGS did not receive any proceeds from Tulco's sale. This initial structure set the stage for how ownership would evolve, with a dual-class share structure giving significant voting power to the founders and Tulco, influencing the company's strategic direction and governance.
| Date | Event | Impact on Ownership |
|---|---|---|
| May 27, 2021 | FIGS IPO | Public offering; founders and Tulco retained significant voting power through Class B shares. |
| February 21, 2025 | Institutional Ownership Update | Institutional investors held approximately 33.01% of the stock. |
| Early 2023 | Institutional Holdings | BAMCO held 9.47% ownership; Macquarie Group held 8.01%. |
As of February 21, 2025, the ownership of FIGS is distributed among institutional investors (approximately 33.01%), insiders (around 29.01%), and public companies and individual investors (15.61%). BAMCO Inc. /NY/ (Baron Capital Management, Inc.) is a major institutional holder, with a beneficial ownership of 32.43% of the Class A Common Stock. Other key institutional investors include Vanguard Fiduciary Trust Co. and T. Rowe Price Investment Management, Inc. The dual-class share structure, with Class B shares holding 20 votes per share compared to Class A's one vote, continues to influence the company's strategy and governance. To understand more about the company's financial strategies, consider exploring Revenue Streams & Business Model of FIGS.
FIGS Ownership Insights
FIGS' ownership structure is characterized by a dual-class share system, with founders and early investors retaining significant control.
- Institutional investors hold a substantial portion of the stock.
- The founders, Heather Hasson and Trina Spear, maintain considerable influence.
- The IPO in 2021 was a pivotal event in the company's ownership journey.
- BAMCO Inc. /NY/ (Baron Capital Management, Inc.) is a significant institutional holder.
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Who Sits on FIGS’s Board?
As of April 24, 2025, the board of directors at FIGS, Inc. plays a vital role in overseeing the company's activities. The board is organized into three classes, with each director serving a staggered three-year term. At the annual stockholders meeting held on June 4, 2025, Catherine Spear, Sheila Antrum, and Mario Marte were elected as Class I directors, their terms extending until the 2028 annual meeting. Heather Hasson, a co-founder, holds the position of Executive Chair.
Other members of the board include Kenneth Lin and J. Martin Willhite. Melanie Whelan joined the board as an independent director on January 1, 2025, and also chairs the Compensation Committee. A.G. Lafley stepped down from the Board on December 31, 2024. Understanding the structure of the board is crucial for investors looking into the growth strategy of FIGS and its future direction.
| Board Member | Title | Additional Information |
|---|---|---|
| Heather Hasson | Executive Chair and Co-Founder | |
| Kenneth Lin | Director | |
| J. Martin Willhite | Director | |
| Melanie Whelan | Independent Director | Chair of the Compensation Committee |
| Catherine Spear | Director | Elected June 4, 2025, Class I Director |
| Sheila Antrum | Director | Elected June 4, 2025, Class I Director |
| Mario Marte | Director | Elected June 4, 2025, Class I Director |
FIGS operates with a dual-class share structure, which significantly impacts FIGS company ownership and voting rights. As of April 24, 2025, there were 154,236,077 shares of Class A common stock and 8,283,641 shares of Class B common stock outstanding. Each Class A share grants one vote, while each Class B share offers twenty votes. This arrangement means the co-founders, Heather Hasson and Trina Spear, along with Tulco, LLC, controlled approximately 51.8% of the total voting power as of April 24, 2025, while Class A shares represented about 48.2% of the voting power. This structure ensures the founders and early investors maintain substantial control over critical company decisions, including director elections. Holders of Class A and Class B common stock generally vote together on most matters.
Understanding FIGS Ownership and Control
The dual-class share structure gives significant voting power to the founders of FIGS clothing and early investors. This impacts how the company makes decisions and its overall strategic direction.
- Class B shares hold a disproportionate amount of voting power.
- Founders and early investors maintain considerable control.
- This structure influences the election of directors and other key decisions.
- Understanding this is crucial for anyone looking to buy FIGS stock or analyze FIGS stock price history.
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What Recent Changes Have Shaped FIGS’s Ownership Landscape?
Over the past few years, the ownership profile of FIGS Inc. has seen several notable shifts. A key aspect of this has been the company's active engagement in share repurchase programs. On February 27, 2025, the company announced an increase of $50 million to its share repurchase program, bringing the total authorization to $100 million. This move reflects the company's strategy to return value to shareholders and demonstrates confidence in its financial standing. As of September 30, 2024, around $42.7 million remained available for repurchases under the program authorized in August 2024.
The company's focus on product innovation and international expansion is also evident. The launch in Japan and plans for Korea in 2025 demonstrate its growth strategy. Operationally, the move to a larger distribution center in 2024, with the aim to scale to $1 billion in revenue, is expected to improve efficiency by 2026 or 2027. The company's financial performance in 2024 showed a mixed picture, with net revenues increasing by 1.8% year-over-year, driven by existing customer orders, but also increased operating expenses. For the first quarter of 2025, net revenues were $124.9 million, a 4.7% increase year-over-year. Despite revenue growth, the company reported a net loss of $0.1 million for Q1 2025. FIGS's management's share buybacks signal confidence in the company's direction.
The FIGS company ownership structure and management team's actions, like the share repurchase programs, are key indicators of the company's commitment to its shareholders. These actions, combined with strategic expansions and operational improvements, shape the overall ownership trends. For more details on the company's approach to the market, you can review the Marketing Strategy of FIGS.
Share Repurchase Programs
FIGS has been actively repurchasing shares. A $100 million share repurchase program was announced. This shows the company's commitment to returning value to shareholders.
Financial Performance
Net revenues increased by 1.8% year-over-year in 2024. Q1 2025 saw a 4.7% increase in net revenues. The company reported a net loss of $0.1 million for Q1 2025.
Strategic Initiatives
FIGS is expanding internationally, with a launch in Japan. New fabric platforms like FormX and Float are being invested in. A new distribution center aims for $1 billion in revenue.
Management Actions
Management's share buybacks indicate confidence. The company is focused on product innovation. These actions influence FIGS ownership and management.
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