Reformation began trading on the New York Stock Exchange on Thursday under the ticker symbol REF, with its stock opening at $15 per share after pricing its initial public offering at $15 the night before.
The womenswear brand raised $210.9 million in its IPO, pricing at the low end of its projected range
Smith Collection / Gado / Getty Images
Reformation began trading on the New York Stock Exchange on Thursday under the ticker symbol REF, with its stock opening at $15 per share after pricing its initial public offering at $15 the night before.
The offering covers 14,062,500 shares, putting the total raise at $210.9 million. Of those shares, 9,478,821 come directly from Reformation, while existing stockholders are selling the other 4,583,679. The closing of the offering is expected on July 31, the company said.
J.P. Morgan and Morgan Stanley $MS are acting as joint lead bookrunning managers, with Citigroup $C and RBC Capital Markets serving as joint bookrunning managers.
Speaking to CNBC, CEO Hali Borenstein said that the typical Reformation customer has an annual income above $100,000, which she argued gives the brand a degree of protection from the economic headwinds weighing on much of the retail sector. She also noted that the brand's reach extends beyond its core age group, with a fifth of last year's new customers younger than 25 and another fifth older than 50.
For fiscal year 2025, Reformation posted net revenue of $507.1 million and net income of $12.6 million, figures that reflect the impact of tariffs enacted during the Trump administration. The company's S-1 filing shows that net revenue has grown by double digits in each of the past 20 quarters, a streak running through the first quarter of 2026. As of that quarter, Reformation operates 70 stores across the U.S., U.K., Canada and France, and the company said it had more than one million active customers across its direct-to-consumer channel in 2025.
When Reformation filed for its IPO earlier this year, disclosing annual revenue above $500 million and plans to list under the REF ticker, the filing showed that private equity firm Permira, which took a majority stake in the company in 2019, would retain significant influence over corporate decisions after the listing. According to Fast Company, Permira will own 49.2% of the company's stock following the IPO.
According to Fast Company, Reformation was started by Yael Aflalo in Los Angeles in 2009. Borenstein, who had been serving as president, stepped into the CEO role around mid-2020. The brand now serves more than 150 countries through its e-commerce platform, the company said.
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