Womenswear retailer Reformation launches IPO targeting up to $239m

Permira-backed womenswear retailer Reformation has launched its initial public offering (IPO), aiming to raise up to $239 million. The company is offering 14.06 million shares priced between $15 and $17 each, with 9.47 million shares from the company and 4.58 million from existing stockholders. Underwriters have a 30-day option to buy an additional 2.10 million shares. Reformation plans to list on the New York Stock Exchange under the ticker REF, with JP Morgan and Morgan Stanley as joint lead bookrunners. Founded in 2009, the company operates 70 physical stores across the US, UK, Canada, and France, and ships to over 150 countries. Direct-to-consumer sales accounted for 90% of 2025 net revenue. Its active customer base exceeded 1 million, reaching 1.14 million by March 2026. Revenue for 2025 was $507.1 million, up from $438.2 million, but net profit fell to $12.6 million from $33 million. In Q1 2026, it reported a net loss of $12.1 million on revenue of $112.3 million.