Women's clothing retailer Reformation made its debut on the New York Stock Exchange on Thursday, July 30, 2026, trading under the ticker symbol "REF." The company's stock remained essentially flat after its initial public offering (IPO) was priced at $15 per share. This IPO successfully raised $210.9 million, with Reformation offering 14,062,500 shares. J.P. Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets backed the offering.
Reformation's CEO, Hali Borenstein, expressed confidence in the company's readiness to scale, highlighting their sustained growth. The company has reported 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026. For the full year 2025, Reformation achieved net revenue of $507.1 million and a net income of $12.6 million. As of the first quarter of 2026, the brand operates 70 stores across the U.S., UK, Canada, and France.
This IPO positions Reformation among a select few consumer and retail companies to go public this year, amidst a general slump in IPOs since 2021. The company's S-1 filing emphasized its belief in benefiting from the highly fragmented fashion industry and capitalizing on the growing demand for sustainable fashion. In 2025, Reformation served over 1 million active customers through its direct-to-consumer channel, with 70% of its customer base aged between 25 and 50 years old. The company plans to focus its next phase of growth on increasing its e-commerce business, diversifying product categories, and expanding internationally.
