Reformation eyes July IPO as filing could come next week
Reformation, the Los Angeles-based sustainable womenswear brand, is preparing to confidentially file for an initial public offering as soon as next week, with plans to go public as early as July, the Wall Street Journal has reported.
The brand is expected to generate more than $500 million in revenue this year; it has more than 70 stores globally of which five are in London with one further UK store opening in Manchester soon. It is known for its eco-conscious contemporary designs.
The IPO has been in the background for years. Bloomberg reported in May 2023 that Reformation was exploring a public listing, with revenue topping $300 million at the time. Revenue has climbed since and it is understood that the company has been profitable every year since 2016.
The $500 million figure cited for 2026 would represent a jump of more than 40% over the 2023 mark. Most of its sales come through its own channels, though it does have retail partners including Selfridges, Harvey Nichols and Liberty in the UK .
Ownership, channels and scale
Reformation was founded in 2009 and has been majority-owned by Permira since 2019, when a company backed by the Permira funds acquired a controlling stake. Longtime investor Stripes Group remained a partner, and CEO Yael Aflalo and president Hali Borenstein retained ownership stakes. At the time of Permira's investment, Reformation operated 14 stores.
Reformation Shoreditch
Sustainability as a business case
Reformation designs and manufactures limited-edition collections using sustainable materials and methods, tracking the environmental impact of every product. Its vertically integrated manufacturing and distribution model gives it a data-driven approach to design and inventory management.
View this post on Instagram
The company said it was on track to meet 2030 science-based targets, including reducing Scope 1 and 2 emissions by 42% and Scope 3 emissions by 48% over a 2021 base year.
What comes next
No confidential filing has been made public, and Reformation has not commented on the reports. The listing, if it proceeds as reported, would test whether public-market investors are ready to back a scaled fashion brand built around sustainability, strong direct channels and consistent profitability.
The confidential filing could materialise in the coming days.
