Reformation launches IPO targeting up to $239m

Published Jul 21, 09:53 AM UTC

Permira-backed womenswear retailer Reformation has launched its initial public offering, 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. The listing is approved for the New York Stock Exchange under ticker REF, with JP Morgan and Morgan Stanley as joint lead bookrunners. Founded in 2009, Reformation operates 70 stores in the US, UK, Canada, and France, and ships to over 150 countries. Direct-to-consumer sales accounted for 90% of 2025 net revenue. The company reported 2025 revenue of $507.1 million (up from $438.2 million) but net profit fell to $12.6 million from $33 million. In Q1 2026, it posted a net loss of $12.1 million on revenue of $112.3 million.