Reformation Inc., a sustainable womenswear brand, and shareholders including its private equity backer Permira raised $210.9 million in an initial public offering that priced at the bottom of its marketed range.
The Vernon, California-based company sold shares at $15 apiece, according to a statement Wednesday. The company marketed 9.48 million shares, and the selling backers offered 4.58 million, for $15 to $17.
At the IPO price, Reformation has a market value of roughly $886 million based on the outstanding shares listed in its filings.
Founded in 2009, the company touts a sustainable supply chain with a technology-forward shopping experience. The company generated roughly 90% of its 2025 revenue from its direct-to-consumer channel. Reformation passed one million active customers across its DTC channel last year and had about 1.14 million as of March 28, the filing shows.
Reformation had a net loss of $12.1 million on revenue of $112.3 million in the 13 weeks ending March 28, compared with a net loss of $5.6 million on revenue of $86.1 million in a comparable period a year earlier. The company generated gross margin of 70% for the period, which was positively impacted by approximately 900 basis points due to tariff refunds.
Reformation has delivered 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026, its filings show. In 2025, it reported annual net revenue of $507.1 million, representing a 19% compound annual growth rate from 2023.
Permira is expected to beneficially own approximately 49% of the outstanding shares after the IPO, the filings show. Founder Yael Aflalo’s family trust will have about 20% of the shares.
The IPO was led by JPMorgan Chase & Co. and Morgan Stanley. The company is expected to trade Thursday on the New York Stock Exchange under the symbol REF.