Fresh Take: Figs Shakes Up Tech Team and Looks Ahead
New appointee assumed role of Chief Technology Officer
In an exciting move, healthcare apparel brand Figs welcomes Mark Bixby as its latest tech trailblazer, according to a recent press announcement. Bixby, with a rich background in engineering leadership, is set to take the reins from Todd Lehr, who relinquished his CTO role in June.
With Bixby on board, Figs aims for an elevated service experience for healthcare professionals, promising a more intuitively navigable, personalized platform. Given his most recent role as VP of Engineering at GameStop, Bixby brings valuable insights that should help catapult Figs to new heights. He also boasts a stint as VP of Engineering at Chewy and as Director of Engineering at Wayfair.
Figs, being a direct-to-consumer force, is continually pushing the boundaries of technological innovation. Much of the brand's ambition lies in enhancing its tech prowess, as revealed by its recent appointment.
The brand's strategic direction has been on display, with Figs joining forces with health tech firm Eko Health earlier in the month. Their partnership resulted in the release of the Figs Eko Core 500 digital stethoscope, featuring advanced technological features like a full-color screen and heart rate/electrocardiogram tracing.
Q2 of 2023 showcased Figs' growth on multiple fronts. Revenues soared by 13%, reaching $138 million, while net income narrowed slightly, from $4.9 million to $4.6 million. The brand's active customer base expanded by 21%, to over 2.5 million.
Danielle Turenshine, the CFO, attributed these strides to higher fulfillment expenses, mainly caused by increased storage costs. However, she expressed optimism about a decline in these costs over the next two quarters as Figs works through its excess inventory and invests in projects designed to streamline fulfillment operations.
As Figs marches towards its goal of $1 billion in annual net revenues, expect to see increased groundbreaking moves from this forward-thinking brand. From expanded international markets to groundbreaking product innovation, Figs shows no signs of slowing down. Keep your eyes peeled for more updates on this exciting journey!
Insight:
Figs is evolving its brand strategy by focusing on a premium image, reducing reliance on discounts, and expanding into international markets such as Japan and South Korea. The brand is also working on developing physical brand touchpoints through Community Hub stores and targeting hospitals and healthcare organizations with its TEAMS platform. In terms of product innovation, Figs remains committed to crafting technically advanced apparel that encompasses comfort, durability, and style. Furthermore, the brand is hinting at increased use of advanced data science capabilities in its marketing and operational strategies.
In his new role as the tech trailblazer at Figs, Mark Bixby aims to leverage his extensive experience in engineering leadership to help the brand achieve new heights in the business world. The tech-savvy healthcare apparel brand, known for pushing boundaries in technological innovation, seeks to further streamline its operations and enhance its platform for healthcare professionals.
With the recent acquisition of advanced features such as a full-color screen and heart rate/electrocardiogram tracing in the Figs Eko Core 500 digital stethoscope, the brand has demonstrated its commitment to innovative health technology. As Figs continues to grow, it looks to expand internationally, target hospitals and healthcare organizations with its TEAMS platform, and invest in projects to improve fulfillment operations.
Beyond product innovation, Figs is exploring the use of advanced data science capabilities in its marketing and operational strategies, indicating a focus on artificial intelligence and finance management in their business model. As the brand sets its sights on a $1 billion annual net revenue goal, it positions itself as a leading force in the intersection of technology, health, business, and finance.
Moving forward, Figs' journey promises exciting developments in technology, health, and finance, offering ample opportunities for growth and profitability in various sectors. Keep a close eye on this dynamic brand as it shapes the future of healthcare tech and further cements its position as a groundbreaking player in the market.
