Rachel Shechtman, Founder of Story, discussed with Trina Spear, Co-Founder and Co-CEO at FIGS the importance of community and true mission in the 2022 CEO Summit.
Trina Spear began by saying that “what you get in is what you get out”. The outcomes of each business will be a result of the efforts and the work you put in on a daily basis. She explained how the mission of the company is to show up for your customers, for the healthcare workers. How can you best show up for these people and how can you truly provide them with the best products? Ultimately the company wants to empower new generations to enter this profession.
When asked about influencers and ambassadors she clarified the difference between those two groups. She said that as a company, she does not have influencers, she has ambassadors that truly want to promote the company. The point is to form real connections and relationships with the customers, you want the company to reflect the culture.
It also comes to the issue of how you stay true to yourself and your company as you grow. It can be challenging for sure but that is what FIGS strives for; constantly showing up for these people in the best way possible. When you think about getting your product to the people that are working hard every day saving lives, it becomes very obvious what your mission is. Through that lens, everything is clear.
As with every company, FIGS tries to be environmentally conscious and think about ESG. Trina Spear described how it is much easier for a company to be ESG conscious when that starts from the core. True “impact is within brand, it’s within operations, it’s within e-comm, it’s within every aspect of our business”. This also helps a company with transparency. When the company’s core beliefs are helping and serving your community, about positive impact on the people and the planet, ESG is already engrained.
She spoke about equity in the company and how “all of our ambassadors, all of our team has equity in the company. They’re owners of the company. And I think that’s a really important thing”. Owning part of the company you work for means you strive for perfection. When the company went public, nothing changed. All the reasons and all the principles of the business remain. “Having integrity, showing up and doing the right things, getting your teams aligned around, going out and creating the coolest products in the world that are going to help people look good, feel good and perform at their best” are things that will always be a part of the FIGS community.
Lastly, Trina Spear talked about DTC and why this the best solution for FIGS. “The flywheel works when you are controlling end to end, from your supply chain, from our yarns, all the way to that final package hitting someone’s door”. When you are a part of every step, you can easily control all the parameters and have a brand identity exactly the way you envision it.