Fashion retailer Reformation launches IPO; targets $1 billion valuation
Gen Z fave Reformation is going public as its sales continue to grow.
The sustainable women’s fashion and accessories retailer has launched an initial public offering of 14,062,500 shares of its common stock. with an expected initial price of $15 to $17 per share. Reformation is aiming to raise up to $239.1 million, targeting a valuation of up to $1 billion.
Reformation is backed by private equity firm Permira. The company has been approved to list its common stock on the New York Stock Exchange under the ticker symbol "REF."
Founded in 2009, Reformation’s sustainable model combines eco-friendly materials, circular fashion programs and transparent manufacturing. The company’s ethos is displayed on its website: "Being naked is the #1 most sustainable option. We’re #2."
The retailer operates approximately 70 stores across the U.S., UK, Canada and France, and serves more than 150 countries around the world through its e-commerce platform.
Reformation is going public on the heels of double-digit quarterly sales growth for the past 20 consecutive quarters. For the fiscal year ending Dec. 27, 2025, the retailer reported $507.1 million in net revenue, up 15.7% from $438.2 million the prior year. Net income, however, fell to $12.6 million from $32.6 million. The filing listed adjusted EBITDA at $45 million, or 8.9% of net revenue.
"Most of the time we don’t take ourselves too seriously, but when it comes to financial performance, we operate with rigor and commitment to our stakeholders,” Reformation stated in its filing. "This has enabled us to effectively deliver top-line growth and profitability that we will strive to build on in the decades to come.”
J.P. Morgan and Morgan Stanley are acting as joint lead bookrunning managers, and Citigroup and RBC Capital Markets are acting as joint bookrunning managers on the proposed offering. Guggenheim Securities, Baird, William Blair and BTIG are acting as additional bookrunning managers on the proposed offering. Telsey Advisory Group is acting as co-manager on the proposed offering.
