Reformation’s raises $210.9 million in IPO

Sustainable womenswear brand Reformation has raised $210.9 million (£159 million) after pricing its initial public offering (IPO) at $15 per share, the bottom of its marketed range.

The California-based retailer sold 14.06 million shares, including 9.48 million issued by the company and 4.58 million sold by existing shareholders. Shares are expected to begin trading today on the New York Stock Exchange under the ticker symbol REF.

The IPO gives Reformation a market valuation of approximately $886 million, below the $1 billion valuation the company had targeted when it launched its roadshow earlier this month.

Private equity firm Permira, which acquired a controlling stake in Reformation in 2019, is expected to retain approximately 49% ownership following the listing, down from 64.4% before the IPO. Founder Yael Aflalo's family trust will retain around 20% of the company's shares.

Reformation said it intends to use approximately $125.1 million of the net proceeds to partially repay outstanding debt. As of 27 June 2026, the company had total outstanding debt of $250.3 million.

Founded in Los Angeles in 2009 as a vintage clothing boutique, Reformation has grown into a global direct-to-consumer fashion business operating more than 70 stores across the US, UK, Canada and France, while serving customers in more than 150 countries through its e-commerce platform.

The company reported revenue of $533.3 million (£401 million) for the 12 months ended 31 March 2026, alongside a net loss of $5.1 million (£3.8 million). It has also reported 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026, with around 90% of sales generated through its direct-to-consumer business.

The IPO follows Reformation's announcement last week that it was seeking a valuation of up to $1 billion as it prepared to list on the New York Stock Exchange, marking one of the most closely watched fashion market debuts of the year.