Dive Brief:
- DTC healthcare apparel brand Figs has named a Lululemon veteran as its new chief financial officer, effective Aug. 9, per a company press release. Sarah Oughtred will report to CEO Trina Spear.
- Oughtred spent almost 17 years with Lululemon, most recently as senior vice president of financial planning and analysis. At the activewear retailer, she helped scale the business from $270 million in revenue to about $10 billion and expand its retail footprint from fewer than 50 stores to over 700, per the release.
- In her new role, Oughtred will handle all financial matters, including financial planning and analysis, accounting and data analytics. Oughtred succeeds Daniella Turenshine, who left the company in April to become CFO for footwear and apparel brand Reef.
Dive Insight:
Oughtred’s appointment comes on the heels of Figs’ recent partnership with the U.S. Olympic and Paralympic Committee to outfit hundreds of Team USA healthcare professionals at the upcoming Summer Games in Paris and again in Los Angeles for the 2028 Olympics.
“I am thrilled to welcome Sarah to Figs during this exciting time in our growth trajectory,” Spear, who is also Figs’ co-founder, said in a statement. “Her experience scaling Lululemon into a global apparel leader aligns directly with our long-term growth plans, where we aim to be the iconic global brand for healthcare professionals over the next 100 years. We look forward to benefiting from Sarah’s experience driving exceptional growth and profitability.”
Oughtred is joining the brand as the company comes off a first quarter that saw net revenues decline by 0.8% and net income down almost 25% to $1.4 million. Active customers in the period grew 8.7% year over year to almost 2.6 million and average order value increased slightly, from $114 last year to $116.
About a month before the brand reported Q1, Bank Of America downgraded Figs’ stock to underperform, citing a “challenging sales environment” for the brand. Competition in medical scrub uniforms has heated up with such brands as Fabletics launching their own version of the classification.
Amid growing competition, Figs is focused on growth. Figs brought on a new chief technology officer last September, and opened its first retail store in Los Angeles in November of last year with plans for a second unit this summer in Philadelphia’s Rittenhouse Square. The company said in an email that it has much room to grow, as it commands just 5% of U.S. market share and 1% worldwide.
