Reformation, a DTC-focused womenswear brand with 70 stores, announced terms for its IPO on Monday.
The Vernon, CA-based company plans to raise $225 million by offering 14.1 million shares (33% secondary; 40% incl. synthetic secondary) at a price range of $15 to $17. At the midpoint of the proposed range, Reformation would command a fully diluted market value of $1.0 billion.
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.
Reformation was founded in 2009 and booked $533 million in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE under the symbol REF. J.P. Morgan, Morgan Stanley, Citi, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, and BTIG are the joint bookrunners on the deal. It is expected to price the week of July 27, 2026.
