. @wearfigs just filed to go public, and it& #39;s probably my favorite DTC IPO of all time.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="💸" title="Geld mit Flügeln" aria-label="Emoji: Geld mit Flügeln">$263M revenue
https://abs.twimg.com/emoji/v2/... draggable="false" alt="😍" title="Lächelndes Gesicht mit herzförmigen Augen" aria-label="Emoji: Lächelndes Gesicht mit herzförmigen Augen"> 26% EBITDA margin (swoon)
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧑‍⚕️" title="Medizinisches Personal" aria-label="Emoji: Medizinisches Personal">1.3M customers in 2020
https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend">138% YoY growth

Let& #39;s break down their biz in a thread https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread">https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">

Figs took something lame and generic (scrubs) and made them functional, comfortable, and cool.

85% of medical professionals purchase their own scrubs & healthcare is the fastest growing job sector in the USA at 22% growth since 2011.

They picked a target market with tailwind.

It& #39;s working - everything is up and to the right, measured by both customers and revenues:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend">Customers have grown 118% YoY
https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend">Revenue growing 138% YoY

They are focused on RETENTION!

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔁" title="Nach rechts und links zeigende Pfeile in offenem Kreis im Uhrzeigersinn" aria-label="Emoji: Nach rechts und links zeigende Pfeile in offenem Kreis im Uhrzeigersinn">60% of Figs customers are repeats!
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🗣️" title="Silhouette eines sprechenden Kopfes" aria-label="Emoji: Silhouette eines sprechenden Kopfes">55% brand recognition
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💙" title="Blaues Herz" aria-label="Emoji: Blaues Herz">NPS of 81
https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend">$202 revenue per customer

Figs customers love the brand and come back.

When you have that kind of retention, growth compounds.

Not only are they retaining customers, they& #39;re acquiring new ones more and more cheaply (this is HARD in ecommerce)!

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer">For every $1 in ads, Figs makes $1.30 in contribution profit on the first purchase
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤑" title="Gesicht mit Geld-Mund" aria-label="Emoji: Gesicht mit Geld-Mund"> Their CAC has declined 61% over the past 2 years

I& #39;ll just pause here for all the digital marketers in the room to catch their breath https://abs.twimg.com/emoji/v2/... draggable="false" alt="😮" title="Gesicht mit offenem Mund" aria-label="Emoji: Gesicht mit offenem Mund">

They also avoid the classic trap of apparel brands - SKU overload, which leads to inventory and working capital hell.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="➡️" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> 82% of revenue is from their 13 core scrub styles
https://abs.twimg.com/emoji/v2/... draggable="false" alt="➡️" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> 13% from lifestyle apparel
https://abs.twimg.com/emoji/v2/... draggable="false" alt="➡️" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts"> Just 5% from limited edition launches

And my god, the unicorn of all DTC IPOs - profits!!

https://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Geldsack" aria-label="Emoji: Geldsack"> $69M of EBITDA (26% margin)
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🪙" title="Coin" aria-label="Emoji: Coin"> Gross Margin of 72% (hard to do in apparel)

Figs is already throwing off cash at only $263M of revenue - their margins should only get better as they scale.

In case all this wasn& #39;t impressive enough, here are all the growth opportunities they haven& #39;t even pushed yet:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🌍" title="Europa-Afrika auf dem Globus" aria-label="Emoji: Europa-Afrika auf dem Globus"> Almost zero international revenue
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧘‍♀️" title="Frau im Lotossitz" aria-label="Emoji: Frau im Lotossitz">Expanding into lifestyle apparel and outerwear
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🏬" title="Kaufhaus" aria-label="Emoji: Kaufhaus"> Less than 5% of sales from bricks & mortar retail

Wrapping it up - this is one impressive DTC business, and I& #39;ve seen a lot of them.

The cherry is their beautiful, real marketing. Just take a minute & scroll their Instagram: https://www.instagram.com/wearfigs/ 

This">https://www.instagram.com/wearfigs/... is a brand that knows their customer AND makes money. You love to see it.

If you enjoyed this, I break down DTC brands regularly - follow me @billda.

Also - my company @ElementsBrands buys brands btw $5-$20M in revenue - reach out if that& #39;s interesting! DMs open.

And smash that like button on the original tweet! https://twitter.com/BillDA/status/1390093128921669641">https://twitter.com/BillDA/st...