Vernon, California-based Reformation has reported a significant increase in revenue for the year ended December 27, 2025, reaching $507.1 million, up from $438.2 million the previous year. However, net profit declined to $12.6 million from $33 million. The company plans to go public on the NYSE under the symbol 'REF', aiming to leverage the resurgent U.S. IPO market.
Founded in 2009 as a vintage clothing boutique in Los Angeles, Reformation has positioned itself as a sustainable fashion brand, primarily selling women's apparel and accessories through direct-to-consumer channels. The brand's popularity is bolstered by celebrity endorsements from figures like Taylor Swift and Kendall Jenner. Approximately 90% of its sales are generated through these channels, with repeat buyers contributing significantly to revenue.
Private equity firm Permira, which acquired a majority stake in Reformation in 2019, will maintain substantial influence over the company post-IPO. The retailer intends to utilize a portion of the IPO proceeds to repay debt and repurchase shares from certain existing investors. J.P. Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets are among the underwriters for the offering.
The U.S. IPO market has experienced a revival, with numerous companies seeking to list their shares and capitalize on growing investor confidence following a brief lull in March.
Background
Reformation's IPO plans come at a time when the fashion industry is increasingly focusing on sustainability, a trend that could enhance the brand's appeal to environmentally conscious investors.
As the company prepares for its public debut, stakeholders will be watching closely to see how it navigates the competitive landscape and leverages its brand strength to drive future growth.
