Reformation's 'Sexy Math' IPO Pitch: Big Short-Style Bathtub Video Targets $1 Billion Valuation
Los Angeles-based fashion brand Reformation is taking an unconventional approach to its IPO roadshow, using a 'Big Short'-style video featuring a model in a bubble bath to pitch investors. The company, majority-owned by Permira since 2019, filed to go public in June 2026 on the NYSE under ticker 'REF', targeting a valuation of up to $1 billion. Reformation generated over $500 million in revenue last year, up from $205 million in 2021, but net income fell from $32.6 million to $12.6 million. The company is pricing 14.1 million shares between $15 and $17, potentially raising up to $239.1 million. Analysts note the valuation is roughly twice annual revenue, less aggressive than Birkenstock's 6x multiple when it went public, but warn that fashion brands face risks from changing consumer tastes and thin profit margins.
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