When fast-growing healthcare apparel company FIGS Inc. went public on the New York Stock Exchange (NYSE) last year, it was the recipient of a number of “firsts.” It was the first time pre-IPO shares had been made available to Robinhood traders. It was the first medical professional-targeted clothing company to go public. And it was the first time a company had been taken public by two female co-founders: co-CEOs Heather Hasson, a Los Angeles native with a background in fashion design, and Catherine “Trina” Spear, a former Wall Street investment banker born and bred in Miami.
So the stories go, it was Hasson, 39, who first came up with the idea for Figs, circa 2013. Spear, 38, who holds a Harvard MBA and worked at private equity giant Blackstone, heard about Hasson’s startup idea through the grapevine and reached out to her; it was Spear who helped develop the idea into a viable business and guided the company, best known for their trendy line of fitted scrubs that are sold directly to healthcare professionals. (Santa Monica-based Figs, in case you’re wondering, is named after Hasson’s favorite fruit.)
The coronavirus pandemic brought major success to Figs, in the form of increased demand for scrubs, masks and other healthcare-focused apparel. In 2020, revenue was $263 million and net profit topped $57 million, well over 100% more than 2019. Following the IPO, shares surged 36%, and Hasson and Spear each sported net worths of nearly $700 million.
Since then, Figs stock has crashed — like much of the market as a whole — cratering 72% from its peak. But Hasson and Spear are already set for life, it would seem. Trading records show that during the last four months of 2021, Hasson sold more than $102 million of her Figs shares, while Spear cashed out to the tune of nearly $65 million. And with their bank accounts stuffed to the proverbial brim, it’s probably no surprise that both CEOs went hunting for pricey Los Angeles real estate.
They found what they’d been looking for, too. Last December, Hasson paid a whopping $56.6 million for a giant estate in Brentwood’s leafy Mandeville Canyon, while Spear chose to carve out a more conservative tack, dropping “only” $22.2 million for a brand-new home in Brentwood’s ultra-posh Brentwood Park pocket, just minutes away from Hasson’s digs.
The two deals were all-cash and ranked as the 2nd and 9th biggest Brentwood residential transfers for all of 2021, per records. And Hasson’s big splurge is believed to be the third-most ever paid for a home on L.A.’s Westside — or at least west of the 405 freeway, behind only the $65 million that Scooter Braun paid for another Mandeville Canyon home and the $83 million Palisades mansion bought last year by tech CEO Austin Russell.