Picture opening a brand-new business delivering hands-on beauty services in 2019, only to face the unprecedented headwinds of Covid a year later. Then, just as the global pandemic is subsiding, another threat starts looming on the horizon: a steep increase in competition in a sector that until then had seemed wholly untapped. 

For Jessica “JJ” Walsh, founder of high-tech skin treatment purveyor Formula Fig, the last five years have been both exhilarating and challenging. Having served-up more than 400,000 treatments—including facials, fillers and neuromodulators—across seven Fig Bar locations in the US and Canada, she and her team have clearly struck a chord. 

More proof Formula Fig has found a winning strategy to compete with the likes of Glowbar, Heyday, and Face Foundrie: Thanks to its five-tier monthly membership plan, which ranges from the $85 Basic to the $475 Premium Flex All Access, the brand has achieved 40% same-store sales growth from 2023 to 2024. 

“When we opened, we were ahead of the curve,” says Walsh, a London native who logged several years in fashion editorial at the UK arm of Condé Nast prior to pivoting to skincare. “And while the market has grown more competitive, our focus remains unwavering. Formula Fig stands apart because of our commitment to experiential retail, cutting-edge technology, and science-driven treatments that deliver results. We’re not just offering facials or injections; we’re building a brand rooted in innovation, guest experience, and a deep emotional connection.” 

With a goal of fulfilling every "essential" skincare need under one roof—facials, expert-administered dermatological treatments, and retail therapy—the company was originally headquartered in Vancouver, where Walsh had been living with her family since 2016. 

A newbie to Canada, Walsh says she was initially taken aback by Vancouver’s slower pace. “I quickly noticed how much I was missing from my day-to-day London life, including thoughtful design, efficiency, a sense of community, convenience, and even the simple luxury of places staying open late,” she recalls. “These gaps sparked a vision for something different.”

By 2018, Walsh’s vision had solidified into a plan, and within a year, she and her team had opened the first Fig Bar. “It was a rapid and intense process fueled by passion and a clear goal: to create a space that made high-tech skincare more accessible, luxurious, and results-driven while embracing the design and community elements I had craved.”  

Vancouver-based CFA Anita Chan, Formula Fig’s co-founder and CFO, has been crucial to the brand’s steady rise. 

“I sought out Anita because of her exceptional financial expertise and her proven ability to scale businesses,” says Walsh. “It wasn’t just about her skill set; I wanted someone who shared my values and vision for Formula Fig—vision meets precision.”

To facilitate a move into the American market, Formula Fig has since relocated to Los Angeles, where it cohabitates with wellness darling Bala and Invisible Dynamics, a brand transformation consultancy.

“The space is more than just an office,” says Walsh. “It features a photo studio and currently hosts a gallery exhibition spotlighting emerging young local artists. Being surrounded by creative, dynamic people energizes me and keeps my ideas fresh.” 

An ardent opinion gatherer, Walsh says she regularly taps the expertise of an advisory team. In addition to Formula Fig medical directors, who both perform treatments themselves and oversee injectors in their respective locations, Walsh has sought-out experts in real estate, cosmetic chemistry, and business strategy. 

“I strongly believe in the power of a solid support network and rely on triangulating insights from multiple trusted perspectives before making decisions,” says Walsh. “This collaborative approach ensures we stay grounded and always move forward with purpose and clarity.” 

Recent “moves forward” include the 2025 launch of branded skincare. Dubbed By Formula Fig and developed in conjunction with the L’Oréal-backed Debut, specialists in biotech-derived active ingredients, the new range is slated for the third quarter and is not expected to pose a threat to its comprehensive portfolio of roughly 50 retail brands. A curated mix of established physician skincare and device brands such as Dr. Loretta, NuFace, and Omnilux alongside rising stars like HoliFrog and Sofie Pavitt Face, Formula Fig’s retail business generates roughly 30% of its total sales. 

“Our skincare range will complement—not replace—our curated selection, maintaining a collaborative ecosystem that keeps our offering fresh and competitive,” says Walsh, nodding to the limited-time, in-location “residency partnerships” it has with select brands, which boosts exclusivity and reinforces Formula Fig as a discovery hub.

Along with dipping a toe in the branded-skincare waters, Walsh and her team are laser-focused on store expansion. 

“Our goal is to double our footprint over the next few years, focusing on expanding in existing markets and venturing into East Coast locations in North America,” she says. “We use our proven formula for selecting neighborhoods, but there’s nothing quite like spending time in the area—sitting outside, observing the rhythm and people that make up the community. While we have fantastic partners who help with sourcing, the final decision always involves me taking that last stroll to ensure it feels right.”

What Formula Fig won’t be doing, emphasizes Walsh, is obsessing over the competition. 

“For me, building a brand is about having a clear creative vision and an authentic purpose,” she says. “It’s less about reacting to fleeting trends in the market and more about staying true to what makes Formula Fig unique. Evolution is natural, but it’s guided by our vision, not external pressures.” 

In other words, says Walsh, “it’s about scaling while staying true to our ethos.”