After FIGS heismanned a $1B take private offer they’re off to conquer their category. Here’s how they’re scaling back to a $5B biz.

+ What's the best use of 500k Chase points?

What's the best use of 500k Chase points?

I don’t love using a points credit card for business, but Chase gave me the largest limit and scaling at Coco has lead to a glut of points I’m not really using.

Right now I cover my flights (Haven’t paid for 1 in 2 years). But I’m currently sitting on ~500k, and wondering if there's a better game I can play.

Other than paying for more flights, what's a great use of that many points? 

What’s something unique or interesting you’ve done with 500k Chase points?

I know the "right" answer is one big trip, but wondering if there's a more interesting way to use them?

If you've got a system for squeezing max value out of a big points pile, send it my way.

Note: As always, none of what follows is legal, tax, investing, financial, or any other sort of advice. And I was never here 😉.

FIGS (The luxury scrubswear company) proved that when you have the right plan you reject the private bid. And they’re already up 2x since stiff-arming Story3 Capital last year.

They’re growing and with their main competitor Dickies getting divested from VF Corp. The scrubs market is FIGS to conquer.

Link to FIGS' FY2025 earnings: SEC EDGAR (10-K, filed 2/27/26)

They still have a long way to go to grow into the $5B brand they should be. But this is the perfect stage for them to conquer share. Expand and dominate the now open Scrubs market.

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Founded:

Aha Moment:

Growth:

Model:

Where We Are Now:

FIGS has rebounded nicely to their ~IPO price. Here are the 3 plays for us to turn this into a $5B biz.

FIGS has ~4-5% share of a domestic scrubs market worth roughly $9.7-9.8B, and the legacy incumbent in the category.

Dickies, just posted -12% revenue and got sold off by VF Corp for $600m.

It’s tempting to say this is the time to go international. Instead we’re doubling down on the American market and to turn FIGS into an All American brand.

Just like Nike, Apple, Coco Cola and Jack Daniels. 

FIGS is already running pieces of the exact playbook

These are great, but just the beginning. Americans LOVE their Medical shows:

The same way that you can’t watch a sporting event without seeing the Nike logo. FIGS needs to cycle $$$ from the current Paid social spend (Majority of  FY2025  Selling + Marketing budget of $239M) into places that drive demand.

Then once they dominate the American market with an “American brand” blitz into other growing markets that love American content.

Takeaway: FIGS needs to become the Nike of Medicine.

When you look at the volume of Medical professionals that can afford FIGS ~$120/order, it’s surprising they focus so much on Doctors.

There are SIGNIFICANTLY more Nurses than Doctors who wear scrubs. The US market is so much bigger for non-Drs.

Nurses should be the face focus of all marketing. With 75%+ of nurses also being women it is the perfect opportunity for an apparel brand.

Across their marketing, 

Speak more to the pain nurses feel. 

Make an under appreciated group feel like the stars.

Nurses might not have the same discretionary budgets as doctors. 

But if FIGS can make Nurses feel like stars they’ll easily justify the additional expense for a work item.

Takeaway: Cultural Cache comes from Doctors. Nurses are the brand.

TEAMS FIGS group buying offering is a great simple today as a purely inbound for small operations.

But this isn’t going to cut it long term. And I know the founder is dogmatic about DTC only, but you have to be everywhere your customers are.

Most medical professionals buy their scrubs from their place of work. Especially hospitals. It’s a slow slog, but this is how FIGS becomes a $10B biz.

To continue the Nike Analogy this is Nike signing deals with all the College and High School programs around the country.

There will be a point where scaling DTC marketing is too expensive. Missing the crucial window when someone starts a new job or uses their employee portal to buy new scrubs is shooting themselves in the foot.

There’s a difference between maintaining Gross Margin % and Gross Margin $$$.

Staff an actual outbound Enterprise sales team aimed specifically at large academic medical systems in target geographies: Boston, Baltimore, Cleveland, Michigan. On top of the major metro areas (NY, LA, Houston etc).

Structure the offer as the premium optional upgrade inside a hospital's procurement program. Employees can select the cheaper option or if they want to look nicer/be more comfortable.

They maintain their premium price point with more head to head comparisons to their cheaper alternatives.

Takeaway: Every biz has a Sales expansion moment. This is FIGS.

I have to give FIGS board so much credit. It’s really easy to say they made the right move sitting here almost a year later with the stock up 2x.

But staring down a $1B+ buyout from STORY3 Capital in January 2025 after watching their stock collapse is not an easy move. 

They had a plan they were confident in, executed against and got a couple bounces in their favor.

I still believe this is the most interesting opportunity of all the major DTC brands.

Build an apparel empire in a professional setting that requires you to wear the product.

Now they need to cement those wins and build on them.

We’ll have to wait and see if rejecting that offer was worth it.