What FIGS, Inc. told the SEC could break it.

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.”

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.”

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.”

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.”

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”