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  "docSlug": "0a0319cd79cc",
  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
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  "pageNumber": 62,
  "pageCount": 113,
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  "notes": "Uses a 'spot the difference' visual test to undermine the company's narrative of unique design differentiation.",
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      "text": "While we acknowledge that FIGS was one of the first premium scrub companies to innovate on design, the market has seen a proliferation of brands offering modern styles. FIGS likes to frame their competitors as still offering commoditized, shapeless, uncolorful cotton scrubs, but we believe that simply is not the case anymore.",
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      "text": "FIGS likes to frame their competitors as still offering commoditized, shapeless, uncolorful cotton scrubs, but we believe that simply is not the case anymore.",
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      "text": "Grid of 8 models wearing different scrub brands",
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      "kind": "source-note",
      "text": "Source: Brand A: Jaanuu, Brand B: Grey's Anatomy, Brand C: Koi, Brand D: Cherokee, Brand E: Heartsoul, Brand F: Wonderwink, Brand G: Maeven, Brand H: FIGS",
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      "text": "We Believe FIGS' Differentiation On Silhouette, Fit And Color Has Declined Markedly",
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      "text": "Can You Spot the FIGS Scrubs?",
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