Reformation Makes NYSE Debut at $886.1 Million Valuation

On July 30, California-based womenswear brand Reformation made its debut on the New York Stock Exchange under the ticker symbol “REF.” Shares opened at $15, matching the initial public offering price and giving the company a valuation of $886.1 million.

Summary

The initial public offering comprised 14,062,500 shares of common stock priced at $15 each, representing total gross proceeds of approximately $210.9 million. Reformation offered 9,478,821 shares, while certain existing shareholders sold 4,583,679 shares.

The selling shareholders also granted the underwriters a 30-day option to purchase up to an additional 2,109,375 shares at the IPO price, less underwriting discounts and commissions. The offering was expected to close on July 31, subject to customary closing conditions.

J.P. Morgan and Morgan Stanley served as joint lead bookrunning managers. Citigroup and RBC Capital Markets acted as joint bookrunning managers for the offering.

A rare fashion listing amid a quiet retail IPO market

Reformation’s market debut comes as the number of U.S. consumer and retail IPOs has fallen to its lowest level in a decade. In recent years, public-market investors have largely favored technology and service companies with clearer paths to scale, leaving relatively few major fashion brands to pursue listings.

Reformation priced its shares at the low end of the previously projected range of $15 to $17. The stock opened at the offering price and remained relatively flat during Thursday afternoon trading.

Private equity firm Permira, which acquired a majority stake in Reformation in 2019, continues to retain control of the company following the listing. Permira has an extensive track record of investing in consumer businesses, with a portfolio that also includes K-Way and Italian manufacturing platform Gruppo Florence.

Twenty consecutive quarters of double-digit growth

Founded in 2009 as a vintage clothing boutique in Los Angeles, Reformation has developed into a global womenswear company centered on dresses, bottoms, tops, sweaters and accessories. The company describes itself as the world’s largest sustainable womenswear brand.

Through the first quarter of 2026, Reformation recorded 20 consecutive quarters of double-digit net revenue growth. Its business model combines small-batch product testing with a responsive supply chain, allowing the company to expand and refine styles that demonstrate proven demand.

Reformation currently operates 70 stores across the United States, the United Kingdom, Canada and France. Its e-commerce platform serves customers in more than 150 countries, while its active customer base has surpassed one million.

The company sees further growth opportunities through product diversification and international store expansion, and plans to more than double its store count over the next five years.

Reformation CEO Hali Borenstein said the company currently reaches less than 1% of its total addressable market, leaving significant room to attract new customers.

“The (investor) feedback was consistent: this feels different, this is where the consumer is moving and we want to be part of it,” Borenstein said.

Now operating under the scrutiny of the public markets, Reformation enters its next stage of growth with plans to broaden its product offering, expand its international footprint and translate its distinctive brand positioning into long-term financial performance.

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