Reformation filed for an initial public offering on Thursday, revealing that annual revenue crossed $500 million and that the company plans to list on the New York Stock Exchange under the ticker symbol REF.
The private equity-backed retailer reported $507 million in revenue last year and plans to list under the ticker symbol REF
Bloomberg / Getty Images
Reformation filed for an initial public offering on Thursday, revealing that annual revenue crossed $500 million and that the company plans to list on the New York Stock Exchange under the ticker symbol REF.
In the fiscal year ending December 27, 2025, the Los Angeles-based retailer reported $507.1 million in net revenue, up 15.7% from $438.2 million the year before. However, net income fell to $12.6 million from $32.6 million. The filing listed adjusted EBITDA at $45 million, or 8.9% of net revenue.
Sales in the most recent quarter hit $112.3 million, extending the company's streak of double-digit quarterly growth to 20 consecutive periods — a 30.4% jump year over year. The company reported a net loss of $12.1 million in the quarter, according to The Wall Street Journal.
Reformation generates roughly 90% of its sales through direct-to-consumer channels, including e-commerce and retail stores. At quarter's end in late March, the brand counted 1.1 million active customers, who generated an average of $421 in revenue apiece during that period.
Reformation got its start in 2009 as a vintage shop in Los Angeles and has since built its identity around sustainability in women's fashion. According to WWD, Permira — the private equity firm that took a majority stake in Reformation in 2019 — is listed in the filing as holding 224,800 shares. A family trust controlled by founder Yael Aflalo owns 90,609 shares. The filing disclosed that Permira's ownership position means it will retain substantial sway over corporate decisions once the company is publicly traded.
Proceeds from the offering are earmarked in part for debt reduction and buying back shares held by some current investors, the company said. The filing did not specify a share count or price range for the offering.
Among the risks disclosed in the filing is the company's reliance on AI tools, which it cautioned could compromise customer data privacy or underperform relative to expectations.
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