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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": 69,
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  "slideType": "competitive_analysis",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a red flag icon to highlight the competitive threat of Jaanuu and includes a red box on the line chart to emphasize the recent divergence in search momentum.",
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      "kind": "callout",
      "text": "Google Trends data shows clear outperformance for Jaanuu since the Fall of 2021. Moreover, search trends over the past three months have remained strong for Jaanuu, while those for FIGS have largely fallen below 10% YoY growth.",
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      "text": "Founded in 2012 by pediatrician Neela Sethi and her brother, Jaanuu is also a DTC seller of premium scrubs. While perhaps lacking the savvy marketing of FIGS in its early years, Jaanuu receives high marks for its scrubs. More importantly, the Company has now raised over $100 million, and YoY change in search interest has exceeded that of FIGS over the past six months (admittedly off a smaller base). We believe it would be careless for investors to underestimate the potential for Jaanuu to take share in the premium segment of the market.",
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      "text": "Recent Google Trends Search Momentum: \"Figs scrubs\" versus \"Jaanuu scrubs\" Rolling 13-Week Average YoY Change Since 2020",
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      "kind": "image",
      "text": "Eurazeo Invests $75 Million in Jaanuu, a Premium, High Growth Medical Apparel Brand",
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      "text": "YoY Go",
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      "text": "Source: Businesswire, Google Trends",
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      "kind": "title",
      "text": "Premium DTC Competitor Jaanuu is Gaining Resources and Momentum",
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