Reformation Inc., the sustainable womenswear brand, and its private equity backer Permira, are targeting an IPO that could raise up to $239 million. The company plans to offer 15 million shares at a price range of $14 to $16 each. This valuation would place the company's market worth at approximately $2.1 billion to $2.4 billion, based on the fully diluted share count.
The offering consists of 11.8 million shares being sold by Reformation itself, with an additional 3.2 million shares coming from Permira and other existing investors. Underwriters of the IPO will also have an option to purchase an extra 2.25 million shares. The company intends to list its shares on the New York Stock Exchange under the ticker symbol "REF."
For the 13 weeks ending March 28, Reformation reported a net loss of $12.1 million on revenue of $112.3 million. This compares to a net loss of $5.6 million on revenue of $86.1 million for the same period a year prior [bloomberglaw.com]. Despite the net losses, the company has shown consistent growth, recording 20 consecutive quarters of double-digit net revenue growth through Q1 2026 [sec.gov]. In fiscal year 2025, Reformation generated $507.1 million in revenue, a 15.7% increase year-over-year, although net profit for 2025 dropped to $12.6 million from $32.6 million in 2024, partly due to tariff exposure [dtcdispatch.com].
Around 90% of Reformation's revenue comes from direct-to-consumer channels, and it surpassed 1 million active customers in its DTC channel in 2025. The brand focuses on a sustainable supply chain and a technology-driven shopping experience. Joint bookrunners for the IPO include J.P. Morgan, Morgan Stanley, Citi, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, BTIG, and Telsey Advisory Group [renaissancecapital.com]. The proceeds from the IPO are expected to go towards debt reduction and potential share buybacks [seekingalpha.com].
