FIGS · CIK 0001846576
What FIGS, Inc. told the SEC could break it.
Nearly everything FIGS flagged traces back to a narrow, geographically concentrated supply chain and the trade policy now bearing down on it. Almost all of its finished-goods production runs through suppliers in Vietnam and Jordan — split roughly evenly between the two — both hit by April 2025 U.S. tariffs that raised product costs, while the vast majority of its fabrics come from a limited number of China suppliers exposed to the UFLPA Xinjiang import ban on cotton and rayon. On the other end of the chain, all of its distribution flows through a single fulfillment center in Goodyear, Arizona, a lone point of failure run by a third-party logistics provider.
5 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- U.S. tariffs on Vietnam and Jordan (nearly all production)high
An April 2025 U.S. baseline 10% tariff plus country-specific tariffs on Vietnam and Jordan — which together account for nearly all of FIGS' finished-goods production — have raised product costs, with rates and a February 2026 Supreme Court IEEPA ruling adding ongoing uncertainty.
“In April 2025, the United States announced a baseline tariff of 10% on all imports, in addition to country-specific tariffs applicable to certain trading partners, including Vietnam and Jordan, which together account for nearly all of our production of finished goods.”
- UFLPA/Xinjiang import ban affecting cotton and rayonmedium
The U.S. presumptive import ban on goods made wholly or in part in China's Xinjiang region — a large source of cotton and rayon — has affected and may further affect the global price and availability of raw materials used in FIGS' products, with CBP detentions occurring from time to time.
“the U.S. government's presumptive import ban on materials mined, produced, or manufactured wholly or in part in the Xinjiang region of China, the source of a large portion of certain raw materials, including cotton and rayon, from time to time has impacted and may in the future impact global prices and availability of raw materials from which some of our products are made.”
SEC filing →As of 2026
Sole-source dependency
- Single fulfillment center (Goodyear, AZ) for all distributionhigh
FIGS relies on its sole fulfillment center in Goodyear, Arizona — leased and operated by a third-party logistics provider — for all of its product distribution, a single point of failure.
“We rely on our sole fulfillment center in Goodyear, Arizona, which is leased by us and operated by a third-party logistics provider, for all of our product distribution.”
SEC filing →As of 2026
Geographic concentration
- Finished-goods production concentrated in Vietnam and Jordanmedium
During 2025, production of finished goods was divided approximately evenly between suppliers in Vietnam and Jordan, with only limited production in China and Peru — Vietnam and Jordan together account for nearly all finished-goods production.
“During the year ended December 31, 2025, the production of our finished goods was divided approximately evenly between suppliers in Vietnam and Jordan, and limited production also occurred in China and Peru.”
SEC filing →As of 2026
Supplier concentration
- Vast majority of fabrics from a limited number of China suppliersmedium
FIGS sources the vast majority of the fabrics used in its products from a limited number of suppliers in China, and other raw materials/components predominantly from the Asia Pacific region.
“We source the vast majority of the fabrics used in our products from a limited number of suppliers in China, and we source the other raw materials and product components used in our products from suppliers located predominantly in the Asia”
SEC filing →As of 2026
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