Reformation, a DTC-focused womenswear brand with 70 stores, raised $211 million by offering 14.1 million shares at $15, the low end of the $15 to $17 range. At pricing, the company commands a fully diluted market value of $973 million.
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 will trade on the NYSE under the symbol REF. J.P. Morgan, Morgan Stanley, Citi, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, and BTIG acted as joint bookrunners on the deal.
