Reformation Inc., the sustainable womenswear brand behind designs worn by celebrities, and its financial backer Permira, are targeting an initial public offering (IPO) to raise $239 million. Permira acquired a majority stake in Reformation in 2019. The company plans to offer 6.1 million shares in the IPO, while existing shareholders, including Permira, will offer an additional 5.3 million shares. The expected pricing for the shares is between $20 and $22 each. This IPO aims to value Reformation at approximately $2.6 billion based on the top end of the proposed range.
Reformation, known for its direct-to-consumer model and sustainability focus, reported net revenue of $507.1 million in 2025, an increase of 15.7% from the previous year. For the first quarter of 2026, revenue jumped 30.4% year-over-year to $112.3 million. The company boasts 20 consecutive quarters of double-digit net revenue growth. Net income in 2025 was $12.6 million, and it has maintained profitability every year since 2018, with the exception of 2020 due to the COVID-19 pandemic.
The company is positioned as a successful direct-to-consumer brand, with about 90% of its net revenue coming from this channel. Reformation plans to list its common stock on the New York Stock Exchange under the symbol "REF." Bank of America Corp., Morgan Stanley, and JPMorgan Chase & Co. are serving as lead underwriters for the offering. The IPO represents a significant move for a fashion brand to go public, particularly one that emphasizes sustainability and has demonstrated consistent profitability.
