Newly public Figs Inc. looking to gain more market share in the medical apparel and accessories market, despite it being niche categories.
According to the Frost & Sullivan data, Figs, its initial public offering document had the global Total Addressable Market of the healthcare apparel market industry at $79 billion. It was $12 billion last year.
Figs net revenue in 2020 was $263.1 million and have a market share of 2.1%.
The company began trading last Thursday, opened with $22 IPO price and ended the day at $30.02.
“We feel like we’ve barely scratched the surface on continuing to grow share,” said Trina Spear, co-founder, and co-chief executive of the company. Spear spoke with MarketWatch shortly after the stock began trading.
“For the next five years, the medium term, we’re very much focused on healthcare community.”
Other industry possibilities include food service, construction, or hospitality.
Figs is a digital-native business that has a core group of 13 scrubwear styles. Their primary focus is to design quality scrubs with a modern twist to them.
