Prime Highlights
- Reformation filed for a US IPO after annual revenue increased to $507.1 million.
- The company plans to use part of the IPO proceeds to repay debt and repurchase shares.
Key Facts
- Reformation is a US sustainable fashion brand founded in 2009.
- Permira has been the company’s majority shareholder since 2019.
Background
Private equity-backed womenswear retailer Reformation has filed for a US initial public offering after posting bigger annual revenue, underscoring the persistent appetite for its direct-to-consumer fashion business. The company plans to list its shares on the New York Stock Exchange under the ticker symbol “REF.”
Reformation reported revenue of $507.1 million for the financial year ended December 2025, compared with $438.2 million a year earlier. However, net profit declined to $12.6 million from $33 million during the same period. The company said it will use part of the IPO proceeds to repay debt and repurchase shares from certain existing investors.
Founded in 2009 as a vintage clothing boutique in Los Angeles, Reformation has grown into a sustainable fashion brand selling women’s apparel and accessories through its website and retail stores. Approximately 90 percent of their revenues are generated via their direct-to-consumer marketing strategy, with most of that revenue being generated by their repeat customers.
They got pretty big attention, thanks to well-known personalities like Taylor Swift and Kendall Jenner, wearing their merchandise out and about. The private equity firm Permira, which bought out a controlling stake in Reformation in 2019, will remain very influential in the company post-IPO.
This is happening at a time when there is increasing action in the US IPO market. J.P. Morgan, Morgan Stanley, Citigroup and RBC Capital Markets are serving as underwriters for the offering.
