Key Points
- Reformation filed for a New York Stock Exchange IPO, planning to list under ticker REF
- Fiscal 2025 net revenue was $507.1 million, up 15.7%; net income fell to $12.6 million
- Q1 2026 revenue rose 30.4% to $112.3 million — a 20th straight double-digit-growth quarter
- Private-equity firm Permira and founder Yael Aflalo's family trust are the major shareholders
Reformation, the Los Angeles label that built a brand on sustainable womenswear, has filed to go public. The company filed for an IPO on the New York Stock Exchange under the ticker REF, disclosing that annual revenue has crossed half a billion dollars.
The numbers
For the fiscal year ending December 27, 2025, Reformation reported $507.1 million in net revenue, up 15.7% from $438.2 million, though net income fell to $12.6 million from $32.6 million. First-quarter 2026 revenue rose 30.4% year-over-year to $112.3 million, extending a streak of 20 consecutive quarters of double-digit growth. The brand operates 70 stores across the US, UK, Canada, and France, with roughly 90% of sales coming through direct-to-consumer channels. J.P. Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets are leading the offering.
The read
Reformation is testing whether "sustainable fashion" can be a public-market story rather than a marketing line. Twenty straight quarters of double-digit growth is the pitch; net income sliding even as revenue climbs is the asterisk public investors will press on. The major holders tell the rest of it — private-equity firm Permira and founder Yael Aflalo's family trust are the ones poised to cash in a brand built on conscience. Reformation joins a crowded 2026 listing window that has run from Anthropic's draft prospectus to the broader IPO supercycle Uristocrat has tracked all year.
Source: The Business of Fashion, WWD
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