Who Owns FIGS Company?

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Who Owns FIGS?

Understanding a company's ownership is key to grasping its strategic direction and accountability. FIGS, Inc., a direct-to-consumer healthcare apparel brand, went public in May 2021. Founded in 2013, it aimed to transform medical apparel with innovative and stylish options.

The company's IPO priced shares at $22, valuing it at $4.4 billion initially. As of August 2025, its market capitalization is around $1.16 billion, yet it continues to grow its customer base and revenue, reaching 2.7 million active customers and $124.9 million in Q1 2025 net revenues.

The ownership structure of FIGS has evolved significantly since its founding. Initially, the company was privately held, with its founders, Heather Hasson and Trina Spear, holding substantial stakes. Following the IPO, ownership broadened to include public shareholders, institutional investors, and venture capital firms that had previously invested. Key early investors played a crucial role in the company's growth and its journey to becoming a publicly traded entity. For instance, understanding the market forces impacting such companies can be further explored through a FIGS PESTEL Analysis.

The company behind the popular medical apparel was co-founded in 2013 by Heather Hasson and Trina Spear. Their vision was to revolutionize the often overlooked medical apparel market. Hasson brought a background in fashion and entrepreneurship, having previously launched successful ventures, while Spear contributed expertise from investment banking and private equity.

Founders

Heather Hasson and Trina Spear are the co-founders of the company.

Founding Year

The company was established in 2013.

Hasson's Background

Heather Hasson has a background in fashion and previously founded other businesses.

Spear's Background

Trina Spear's experience includes investment banking and private equity.

Early Investment

Movie producer Thomas Tull was a significant early investor.

IPO Valuation

At the time of its IPO, the co-founders' combined stake was valued at nearly $700 million.

When the company went public in May 2021, the co-founders, Heather Hasson and Trina Spear, held substantial ownership stakes. Their combined shares were valued at approximately $700 million at the time of the Initial Public Offering. An early and significant investor was film producer Thomas Tull, who was the largest shareholder at the IPO, with his stake worth $478 million. Prior to the public offering, Tulco, LLC was the company's largest stockholder, divesting a significant portion of its holdings during the IPO. The company's IPO prospectus detailed a dual-class share structure, a common strategy for founders to maintain control. Class A common stock carried one vote per share, while Class B common stock, primarily held by the co-founders, granted twenty votes per share, ensuring the founders' strategic direction remained central to the company's governance. This structure was key to understanding the early ownership and control dynamics of the company. The Marketing Strategy of FIGS has been instrumental in its growth.

Ownership Structure and Control

The company implemented a dual-class share structure to ensure founder control post-IPO.

• Class A shares: one vote per share.
• Class B shares: twenty votes per share.
• Class B shares were predominantly held by the co-founders.
• This structure preserved the founders' strategic vision and decision-making power.

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FIGS, Inc. became a publicly traded entity on May 27, 2021, with its shares listed on the New York Stock Exchange under the ticker 'FIGS.' The initial public offering (IPO) was set at $22 per share, establishing a market valuation of approximately $4.4 billion. By August 2025, the company's market capitalization had decreased to around $1.16 billion, representing a 68.03% drop from its IPO valuation.

The ownership of FIGS is largely concentrated, with institutional investors holding the vast majority of shares. As of March 2025, these entities collectively owned 92.51% of the company's stock, spread across 371 different owners. Among these, Bamco Inc. stands out as the largest single institutional shareholder, possessing 17.12% of the company's shares, which equated to 27.83 million shares valued at $192.89 million as of December 4, 2024. Other significant institutional holders include Ameriprise Financial Inc. (8.57%), T. Rowe Price Investment Management Inc. (6.38%), Vanguard Group Inc. (5.65%), BlackRock, Inc. (4.85%), and Dimensional Fund Advisors Lp. Company insiders, including the founders and executive team, maintain a substantial stake, accounting for approximately 39.12% of the company's stock. Notably, founder Heather Hasson held 352,290 shares as of March 2025. This significant ownership by both institutional investors and the founding team, coupled with a dual-class share structure, suggests a strong influence on the company's strategic direction and governance, even after its public offering.

Understanding FIGS Company Ownership

The ownership structure of FIGS is dominated by institutional investors, with a significant portion also held by company insiders.

• Institutional investors collectively own 92.51% of FIGS as of March 2025.
• Bamco Inc. is the largest institutional shareholder, holding 17.12% of the company's shares.
• Company insiders, including the founders, own approximately 39.12% of the stock.
• Founder Heather Hasson is a key insider stakeholder.
• The company went public on May 27, 2021, under the ticker 'FIGS.'
• The Competitors Landscape of FIGS can influence investor sentiment.

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The current board of directors at FIGS, Inc. includes its co-founders, Heather Hasson, who holds the position of Executive Chair, and Trina Spear, who serves as CEO and is also a board member. This ensures that the company's vision is guided by its originators.

FIGS employs a dual-class share structure that significantly influences voting power. Class A common stock is allocated one vote per share, whereas Class B common stock, predominantly held by the co-founders, carries twenty votes per share. This structure provides Heather Hasson and Trina Spear with substantial control over critical corporate decisions, enabling them to maintain a strong influence on the company's strategic direction, irrespective of potential future dilution in their economic ownership. Understanding this structure is key to grasping who owns FIGS company and how decisions are made.

Governance and Voting Power at FIGS

The governance of FIGS is structured to ensure founder influence through a dual-class share system. This arrangement grants significant voting power to key individuals, impacting strategic decisions.

• Class A shares have one vote per share.
• Class B shares, held by founders, have twenty votes per share.
• This structure ensures founders maintain control over major corporate decisions.
• Recent board changes include appointments to committee chair roles and a Lead Independent Director.
• As of May 9, 2024, the board comprises eight directors.

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Over the past few years, the ownership landscape of the company has seen significant shifts, including changes in executive leadership and a notable increase in institutional investor participation. These developments reflect evolving market dynamics and strategic adjustments within the organization.

In August 2022, a key leadership transition occurred with co-founder Heather Hasson moving to the role of Executive Chair, while co-founder Trina Spear became the sole CEO. Further strengthening the executive team, Sarah Oughtred was appointed Chief Financial Officer in August 2024. This period has also seen a trend of net selling by company insiders over the last 12 months, with notable sales by Heather Hasson in late 2024 and early 2025. The company's market capitalization has experienced a significant decrease, falling from its IPO valuation of $4.4 billion in May 2021 to approximately $1.16 billion as of August 2025. This adjustment is indicative of broader market conditions and the company's performance. The company reported a net loss of $0.1 million in Q1 2025, a shift from the net income of $1.4 million recorded in Q1 2024, highlighting challenges in profitability due to operational costs and shifts in product mix.

Leadership Evolution

Heather Hasson transitioned to Executive Chair in August 2022, with Trina Spear continuing as CEO. Sarah Oughtred joined as CFO in August 2024, shaping the executive team.

Insider Selling Trends

Over the past year, company insiders, including Heather Hasson, have engaged in net selling of shares. This trend provides insight into insider perspectives on stock valuation.

Institutional Ownership Growth

Institutional investors significantly increased their stake from 74.83% in February 2025 to 92.51% in March 2025. Mutual fund holdings also saw an increase, reaching 82.26% in March 2025.

Market Capitalization and Financial Performance

The company's market cap dropped to approximately $1.16 billion by August 2025 from its IPO valuation of $4.4 billion in May 2021. Q1 2025 saw a net loss of $0.1 million, compared to a net income of $1.4 million in Q1 2024.

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