FIGS Names Mark Bixby Chief Technology Officer

Rhea-AI Summary

FIGS, Inc. announces Mark Bixby as Chief Technology Officer to enhance technology capabilities and accelerate growth within TEAMS, international, and retail businesses.

Brings extensive experience delivering world-class technology solutions to high-growth eCommerce companies

SANTA MONICA, Calif.--(BUSINESS WIRE)-- FIGS, Inc. (NYSE: FIGS) (the “Company”), the direct-to-consumer healthcare apparel and lifestyle brand, today announced that Mark Bixby has joined the company as Chief Technology Officer. As CTO, Mark is responsible for using FIGS’ vast data and technology capabilities, as well as its position as one of the largest digital brands in the world, to create an experience for healthcare professionals that is even more seamless and personalized, and that forges even deeper connections with FIGS.

Mark joins FIGS with 13 years of experience leading technology at a number of high-growth eCommerce companies. Most recently, Mark was VP of Engineering at GameStop, where he led eCommerce Technology and rebuilt the company’s core technology. Before that, Mark was VP of Engineering at Chewy, where he was responsible for core eCommerce platforms and subscription-based services. While at Chewy, he also led a technology transformation into cloud native services, enabling the company to rapidly grow revenues. Mark also spent nine years as Director of Engineering at Wayfair, where he helped launch and scale the Joss & Main brand and was instrumental in helping the company go public and scale during a period of hyper-growth.

“We are thrilled to have Mark on the FIGS team,” said Trina Spear, FIGS’ CEO and Co-Founder. “Since joining FIGS, Mark has already demonstrated his deep expertise developing technology solutions to further our leadership position and help us to accelerate growth within our TEAMS, international and retail businesses. FIGS has always been at the forefront of data and technology in healthcare apparel, and we are committed to remaining there as we scale toward our long-term target of $1 billion in annual net revenues.”

“I am beyond excited to be part of FIGS at such an important time in its growth,” said Mark. “FIGS has revolutionized healthcare apparel in large part by leveraging data and technology to serve healthcare professionals in ways that were never previously imagined. And there is still so much room to grow as we advance these core capabilities. I look forward to working with the FIGS team to bring even greater solutions-based innovation to the most deserving customers in the world, our Awesome Humans.”

Forward-Looking Statements

This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are based on current management expectations, and which involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will” or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. These forward-looking statements address various matters, including Mr. Bixby’s responsibilities; the Company’s leadership position; growth within the Company’s TEAMS, international and retail businesses; the Company’s commitment to remaining at the forefront of data and technology in healthcare apparel; the Company’s long-term target of $1 billion in annual net revenues; the Company’s core data and technology capabilities to serve healthcare professionals; and the Company’s plan to bring even greater solutions-based innovation to the Company’s customers; all of which reflect the Company’s expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, the Company’s actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual results, performance or achievements to differ materially from those described in these forward-looking statements: the Company’s ability to maintain its recent rapid growth and effectively manage its growth; the Company’s ability to maintain profitability; the Company’s ability to maintain the value and reputation of its brand; the Company’s ability to attract new customers, retain existing customers, and to maintain or increase sales to those customers; the success of the Company’s marketing efforts; the Company’s ability to maintain a strong community of engaged customers and Ambassadors; negative publicity related to the Company’s marketing efforts or use of social media; the Company’s ability to successfully develop and introduce new, innovative and updated products; the competitiveness of the market for healthcare apparel; the Company’s ability to maintain its key employees; the Company’s ability to attract and retain highly skilled team members; risks associated with expansion into, and conducting business in, international markets; changes in, or disruptions to, the Company’s shipping arrangements; the successful operation of the Company’s distribution and warehouse management systems; the Company’s ability to accurately forecast customer demand, manage its inventory, and plan for future expenses; the impact of changes in consumer confidence, shopping behavior and consumer spending on demand for the Company’s products; the impact of COVID-19 and macroeconomic trends on the Company’s operations; the Company’s reliance on a limited number of third-party suppliers; the fluctuating costs of raw materials; the Company’s failure to protect its intellectual property rights; the fact that the operations of many of the Company’s suppliers and vendors are subject to additional risks that are beyond its control; and other risks, uncertainties and factors discussed in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed with the Securities and Exchange Commission (“SEC”) on August 3, 2023, the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 28, 2023, and the Company’s other periodic filings with the SEC. The forward-looking statements in this press release speak only as of the time made and the Company does not undertake to update or revise them to reflect future events or circumstances.

About FIGS

FIGS is a founder-led, direct-to-consumer healthcare apparel and lifestyle brand that seeks to celebrate, empower and serve current and future generations of healthcare professionals. We create technically advanced apparel and products for healthcare professionals that feature an unmatched combination of comfort, durability, function and style. We market and sell our products to numerous countries in North America, Europe, the Asia Pacific region and the Middle East directly through our digital platform to provide a seamless experience for healthcare professionals.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230919363557/en/

Investors:

Jean Fontana

IR@wearfigs.com

Media:

Todd Maron

press@wearfigs.com

Source: FIGS, Inc.