Formula Fig Expands Locations In The US

Formula Fig is doubling down on the Los Angeles area.

After opening its first studio in the United States in West Hollywood in April, its second location is set to bow in Culver City on Nov. 3. The company, which started in Vancouver, Canada in 2019, operates five facial studios in Vancouver and Toronto.

“We wanted to cross a border to prove our concept could work across borders,” says Jessica Walsh, founder and CEO of Formula Fig. “We always planned for our ramp in West Hollywood to be a bit slower, but we’re hitting our targets. Culver City will be our second location in this market, and the ramp will be much quicker.”

Situated in the bustling Culver Steps business district, Formula Fig’s forthcoming 1,000-square-foot studio with five treatment rooms will sit near Erewhon and Sephora stores and corporate offices for Netflix and Amazon. Being close to coffee shops, grocers and other service providers is an important part of Formula Fig’s location strategy. Walsh says, “We very much look at where our typical customer would go so they can easily slot us into their daily routine.” 

Formula Fig is eyeing expansion outside of Los Angeles, too. Walsh mentions New York and London could be its next targets. She emphasizes that Formula Fig’s growth will be slow and steady as the company focuses on customer experience. “I want to build a global brand under a brand umbrella. So, whether one arm of it is med-spas, one arm of it is product, I definitely see a bit further into the future,” says Walsh. “It’s not just a land grab for us. We very much pride ourselves in our operations, and it has to come back to value. We don’t ever want to compromise that by going fast.”

Formula Fig is growing as there’s been strong investor interest in the med-spa and facial bar sector. Walsh previously informed Beauty Independent that it raised about $575,000 to open its first two locations from friends and family members, but she declined to comment further on funding. She reports that Formula Fig is registering high double-digit sales increases year-over-year.

Glowbar, a skincare studio concept with seven current locations that’s snagged $10 million in series A funding, expects to more than double its fleet of locations this year. Heyday, a facial bar business with about 30 locations now, plans to add another 30, and it’s spreading via franchises. Heyday received $12 million in a series B extension last year after raising $20 million in series B funding in 2021. Meanwhile, self-funded facial bar companies like Face Foundrie and Clean Your Dirty Face are expanding through franchise models. 

Formula Fig locations have three to five treatment rooms, and each treatment room generally completes about 15 services a day. Thirty-minute facial services range in price from $30 to $205, and injectable treatments start at $450 for dermal fillers and $12 per unit for Botox or Xeomin. The All In Facial, which includes microdermabrasion, microcurrent, ultrasound and LED light therapies, is Formula Fig’s bestselling service.

Walsh argues that what differentiates Formula Fig from its competitors like Glowbar and Heyday is that its services are more technology-drive. She says, “I very much believe in the value side of it and in technology and convenience. Give me what you can in 30 minutes to make a massive difference.”

Facials represent the majority of Formula Fig’s service business. Injectables have experienced slower growth as the company works on building loyalty with its largely 20-something and 30-something consumer base. Walsh says injectables were introduced to prevent consumers from seeking out anti-aging treatments elsewhere. 

“We never want people to age out of us,” she explains. “There is something for everyone within Formula Fig, from the service offering to the products we use to what we’re going to develop in the future.”

Retail accounts for about 30% of Formula Fig’s revenues. Its locations stock emerging and established skincare brands merchandised in the categories “cleanse,” “balance,” “treat” and “protect.” Blume, 111Skin, Ember Wellness, Goop, Aphina, Black Girl Sunscreen, Epi.Logic and Asystem are a few of the brands carried at Formula Fig. Prices of products in the assortment vary widely from Nopalera’s $19 Planta Futura Cactus Soap to Vintner’s Daughter $255 Active Botanical Serum. According to Walsh, serums, sunscreens and cleansers are the bestselling types of products at Formula Fig.

Brands seeking to partner with Formula Fig must have efficacious products with shelf appeal. Doctor-led brands are prioritized. Most importantly, products need to resonate with Formula Fig’s staff. Walsh says, “If you’re a little bit dismissive about people on the shop floor or if you haven’t taken the time to educate them and connect with them, I often think brands miss that a little bit.”

Formula Fig relies heavily on brand activations to lift awareness and draw new customers. It shuns paid digital media. The West Hollywood location usually hosts three to four events per week. Walsh says, “We made a decision early on to just be slow and steady, and it all came down to building community and collaborations.”