Reformation Eyes IPO Valuation of Up to $1 Billion

Sustainable fashion brand Reformation is preparing for its initial public offering on the New York Stock Exchange under the ticker 'REF', targeting a valuation of up to $1 billion. The company expects to price shares between $15 and $17 each, with a midpoint valuation of $886.1 million. Reformation plans to raise approximately $151.7 million, primarily to repay a term loan, while existing investors including Permira and founder Yael Aflalo's family trust will sell about $73.3 million worth of shares. The company reported annual revenue of $507.1 million, up 15.7%, with 1.1 million active customers and adjusted EBITDA of $45 million. Reformation joins a wave of fashion-related companies going public, including Tailored Brands, Shein, and Authentic Brands Group. If successful, Reformation's valuation would surpass Canada Goose but trail behind Mytheresa and The RealReal.