{
  "docId": "019dd923-622c-750b-8b99-4b92274d3e76",
  "docSlug": "0a0319cd79cc",
  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 63,
  "pageCount": 113,
  "prevPage": 62,
  "nextPage": 64,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 113,
  "notes": "The slide uses a visual grid of product thumbnails from Uniform Advantage to demonstrate market saturation of the jogger style.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4b92274d3e76/63",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76#slide-63",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.8,
        "x": 0.1,
        "y": 0.16
      },
      "kind": "callout",
      "text": "FIGS points to its design innovation, such as bringing the 'jogger' pant style (which has existed for years in the realm of athletic wear), to the scrubs market.(1) We do not believe such design introductions to provide a sustainable advantage. Searching for jogger pants on Uniform Advantage yields 113 options in a vast array of colors.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12165c70-a131-4186-b164-49074fd513ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "FIGS points to its design innovation, such as bringing the 'jogger' pant style (which has existed for years in the realm of athletic wear), to the scrubs market. We do not believe such design introductions to provide a sustainable advantage. Searching for jogger pants on Uniform Advantage yields 113 options in a vast array of colors.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7e0-19ab364f63c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "image",
      "text": "Grid of 48 product images showing various jogger scrub pants.",
      "attrs": null,
      "subkind": "icon-grid",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "230193ed-fa10-4316-9c36-27b6aa91a27a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.1,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "1) FIGS Exhibit",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "833f9839-13dd-46ca-a9af-68ed0cedaa68",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Uniform Advantage",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea910e0b-f2b8-401d-a623-6175bd353902",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "FIGS Points to the Introduction of \"Jogger\" Scrub Pants As An Example of Its Innovation; Most Scrubs Suppliers Now Offer The Style As An Option",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9087679b-9ac8-4cbd-b98e-2740d68f2268",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.5,
        "x": 0.25,
        "y": 0.3
      },
      "kind": "title",
      "text": "Jogger Pant Options on Uniform Advantage (48 of 113)",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cfbb676c-3b22-410d-9822-ce229cb11014",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "61bad475-150d-4e03-a902-becbae708fea",
      "evidence": "The slide frames FIGS' innovation claim as a fallacy by showing widespread availability of the same product.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}