FIGS, Inc. announced that its first permanent physical retail space - its Community Hub - is officially opening on November 3, 2023. Community Hubs also provide an opportunity to drive increased revenues across the entire FIGS platform, particularly since customers who shop across multiple channels typically generate significantly more revenue than digital-only customers. FIGS chose to open its first Community Hub at the Century City Mall in the heart of Los Angeles - one of FIGS' largest markets.

The mall has annual foot traffic of approximately 20 million people, counts five popular healthcare clinics among its tenants and is located within ten miles of six major healthcare institutions. The Company plans to open its next Community Hub in the first half of 2024 in Philadelphia's Rittenhouse Square, which is located within two miles of five healthcare institutions. Philadelphia has the fourth highest number of healthcare professionals in the U.S., and one in every six doctors in the U.S. has been trained there.

These forward-looking statements address various matters, including the Company's expansion into physical retail; the Company's intention to take a disciplined approach with its retail strategy and choose markets with a high density of healthcare professionals; the Company's belief that its Community Hubs will create even deeper connections among the FIGS community and shine a spotlight on healthcare professionals; the belief that Community Hubs are designed to drive increased revenues; the expectation that Community Hubs will host events, provide programming and create opportunities to network; and the opening of the Company's next planned Community Hub in Philadelphia, all of which reflect the Company's expectations based upon currently available information and data. The following important factors and uncertainties, among others, could cause actual results, performance or achievements to differ materially from those described in these forward-looking statements: the Company's ability to maintain its recent rapid growth and effectively manage its growth; the Company's ability to maintain profitability; the Company's ability to maintains the value and reputation of its brand; the Company's ability to attract new customers, retain existing customers, and to maintain or increase sales to those customers; the success of the Company's marketing efforts; the Company's ability to maintaining a strong community of engaged customers and Ambassadors; negative publicity related to the Company's marketing efforts or use of social media; the Company's ability to successfully develop and introduce new, innovative and updated products; the competitiveness of the market for healthcare apparel; the Company's ability to maintained its key employees; the Company's ability to retain highly skilled team members; risks associated with expansion into, and conducting business in, international markets; changes in, or disruptions to, the Company's shipping arrangements; the successful operation of the Company's distribution and warehouse management systems; the Company's ability to accurately forecast customer demand, manage its inventory, and plan for future expenses; the impact of changes in consumer confidence, shopping behavior and consumer spending on demand for the Company's products; the impact of COVID-19 and macroeconomic trends on the Company's operations; the Company's reliance on a limited number of third-party suppliers; the fluctuating costs of raw materials; the Company's failure to protect its intellectual property rights; the fact that the operations of many of the Company's suppliers and vendors are subject to additional risks that are beyond its control; and other risks, uncertainties and factors discussed in the "Risk Factors" section of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed with the Securities and Exchange Commission ("SEC") on August 3, 2023, the Company's Annual Report on Form 10-K for the year ended December 31, 2023, the Company' Annual Report on Form 10-Qfor the year ended December 31, 2022, the Company's Annual Report of Form 10-K for the fiscal year ended December 31, 20 23, 2023, the Company plans to open its next community Hub in the first half of 2022.