Reformation, a DTC-focused womenswear brand, filed on Thursday with the SEC to raise up to what we estimate could be $200 million in an initial public offering.
Reformation, which began with dresses in 2009, calls itself the largest sustainable womenswear brand in the world. The company has since expanded into bottoms, tops, sweaters, and accessories. The company states it uses data-driven product merchandising and agile manufacturing, and produces new styles in small quantities, and tests them twice a week on its website, and once a week in its stores. Reformation has a production site and distribution centers in Los Angeles, which it says gives it superior lead times to industry norms. In addition to its 66 stores, the company generates revenue through online direct-to-consumer channels.
The Vernon, CA-based company was founded in 2009 and plans to list on the NYSE under the symbol REF. J.P. Morgan, Morgan Stanley, Citi, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, BTIG, and Telsey Advisory Group are the joint bookrunners on the deal. No pricing terms were disclosed.
