Sustainable fashion brand Reformation files to go public
Reformation Inc. is looking to take its growing brand public.
The Los Angeles-based sustainable women’s fashion and accessories retailer has filed a registration statement to go public, with the number of shares to be offered and the price range for the proposed offering have not yet been determined. Reformation said it intends to apply to list its common stock on the New York Stock Exchange ("NYSE") 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."
A Gen Z fave, Reformation operates approximately 70 stores across the U.S., Canada and France, and serves more than 150 countries through its e-commerce platform. The company had net revenue growth of 34% between 2015 and 2025, according to its filing, with net revenue of $507.1 million in 2025.
Revenue rose 30.4% to $112.3 million in the first quarter of this year, marking 20 straight quarters of double-digit growth. Reformation reported a first-quarter net loss of $12.1 million as tariffs took a big bite out of its profitability.
The company said it expects to use proceeds from the IPO to partially repay its debts, as well as to repurchase some shares in a synthetic secondary transaction.
According to the filing, Reformation’s largest shareholders are private equity firm Permira, holding 224,800 shares, and a family trust controlled by company founder Yael Aflalo with 90,609 shares.
The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or other terms of the offering.
J.P. Morgan and Morgan Stanley will act as joint lead bookrunning managers, and Citigroup and RBC Capital Markets will act as joint bookrunning managers on the proposed offering. Guggenheim Securities, Baird, William Blair and BTIG will act as additional bookrunning managers on the proposed offering. Telsey Advisory Group will act as co-manager on the proposed offering.
