Reformation files for IPO as annual revenue hits 507 million US dollars

Los Angeles-based womenswear brand Reformation has filed for an initial public offering (IPO) on the New York Stock Exchange as it reported an increase in revenue for the year to December 27, 2025, to 507.1 million US dollars.

The fashion brand, which currently operates over 70 stores across the US, UK, Canada, and France, filed a registration statement for a proposed IPO on June 25. The number of shares to be offered and the price range for the proposed offering “have not yet been determined,” and Reformation aims to list under the ticker symbol REF.

Reformation Files for IPO on New York Stock Exchange

“The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or other terms of the offering,” stated Reformation in its filing. The brand aims to use a part of the proceeds from its IPO 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 ​IPO. News of Reformation’s intention to go public comes as the 17-year-old women's wear brand continues to grow, reporting a net income of 12.6 million US in 2025. Reformation has reported a positive net income since 2018, apart from 2020, as it was impacted due to the COVID-19 global pandemic. 

Direct-to-Consumer sales drive Reformation's revenue growth

Although net revenue for its fiscal year ending December 27, 2025, grew 15.7 percent from 438.2 million dollars the year before, net income fell from 32.6 million dollars to 12.6 million dollars. The filing listed adjusted EBITDA at 45 million dollars, or 8.9 percent of net revenue.  Net revenue grew 30.4 percent during the first quarter of 2026, reaching 112.3 million dollars, making it the 20th consecutive quarter of double-digit net revenue growth.

Reformation currently generates approximately 90 percent of its sales through its direct-to-consumer channels, which include e-commerce and retail stores. At the end of its first quarter in late March, the brand had 1.1 million active customers who brought in an average revenue of 421 million US dollars. Founded in 2006 in Los Angeles as a sustainable apparel brand, Reformation first began using deadstock and upcycled materials to produce its collections.

“Our goal is to have a positive impact on people and the planet and prove that it’s possible to build a global fashion brand that delivers both impressive financial and environmental results,” stated Reformation in its SEC filing. “Our business stands in contrast to traditional retail businesses that can often be characterized by limited direct connection to the customer, imprecise product forecasting and merchandising, frequent promotions, long manufacturing lead times, and slow technological adoption … Not to brag, but after 17 years, we’ve gotten pretty good at this.”

The brand’s SEC filing also touches on the success of its merchandising strategy, which centers on manufacturing new styles in small quantities first to test them bi-weekly on its website and once a week in stores. The business model creates a sense of scarcity that “encourages consumers to frequently engage” with the brand “in order to shop what’s new,” added Reformation.

Since global private equity company Permira acquired a majority stake in Reformation in 2019, the brand has focused on international expansion. Following the IPO, Permira will continue to hold significant influence over the brand.

Reformation is currently eyeing plans to expand its product range into new categories such as intimates and lingerie, and continue its international push in the UK and Western Europe, and further.