Fashion retailer Reformation starts trading on NYSE
Reformation has gone public.
The sustainable women’s fashion brand launched its initial public offering at $15 a share and raised nearly $210.9 million, valuing the company at about 4886 million. Reformation began trading on the New York Stock Exchange on July 30, under the ticker symbol "REF.
“Reformation is ready, and that is really the driving reason we’ve spent a lot of time working to build a business that redefines retail, really innovates on what the role of a brand is in the fashion space, and we’ve done a great job at that,” CEO Hali Borenstein told CNBC. “Today, we have a foundation that is ready to scale.”
Borenstein also told CNBC that Reformation’s focus during its next phase of growth is to increase its distribution with more stores, accelerate its e-commerce business invest in category diversification and expand overseas,
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. It also serves more than 150 countries around the world through its e-commerce platform.
Reformation has experienced 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.
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 offering. Guggenheim Securities, Baird, William Blair and BTIG are acting as additional bookrunning managers on the offering. Telsey Advisory Group is acting as co-manager on the offering.
