Reformation's 'Big Short'-style bathtub video roadshow targets $1B IPO valuation

Here is the rewritten news content, structured as clean, professional English Markdown.

Publication Date: 2026-07-27 19:00:00

The 'Sexy Math' Behind Reformation's Big Short-Style Pitch to Wall Street on Its $1 Billion IPO

Victoria Vesovski Mon, July 27, 2026 at 12:00 PM PDT 6 min read

Reformation is heading to Wall Street, and it is not giving investors the usual buttoned-up IPO pitch.

The Los Angeles-based fashion brand filed to go public in June and plans to list on the New York Stock Exchange under the ticker symbol "REF." Founded in 2009, Reformation has been majority-owned by private equity firm Permira since 2019.

While most companies spend their pre-IPO roadshows walking investors through charts and financial forecasts, Reformation leaned into the personality that helped make it popular with shoppers.

In a 30-minute video viewed by Vogue Business, executives explain the company's business while a model lounges in a bubble bath holding a glass of Champagne — a playful nod to Margot Robbie's famous bathtub scene in The Big Short, where she breaks down complicated Wall Street jargon.

"When it comes to delivering value to shareholders, we mean business," the model says in the video.

Reformation calls some of its numbers "sexy math," but the pitch is simple: loyal customers, strong data, and a growth story increasingly powered by technology and AI.

More Than a Tagline

The bathtub was also a wink at one of Reformation's best-known taglines: "Being naked is the #1 most sustainable option. We're #2."

It is an unusual way to sell an IPO, especially at a time when fashion brands have been relatively rare on public markets. Reformation is targeting a valuation of as much as $1 billion, pricing 14.1 million shares between $15 and $17 apiece in a deal that could raise up to $239.1 million.

Mark Bage, founder of Not Studio, said that on revenue alone, the valuation is not especially aggressive. It works out to roughly twice Reformation's annual revenue, compared to more than six times sales when Birkenstock went public.

That comparison also comes with a warning. Birkenstock's shares fell nearly 12% on their first day of trading in 2023 before eventually recovering, showing that even a well-known fashion brand can have a difficult start on Wall Street.

Reformation has plenty of growth to point to. The company generated more than $500 million in revenue last year, up from $205 million in 2021. The harder number to explain is profit. Reformation's net income fell from $32.6 million to $12.6 million even as its sales continued to climb.

"The premium sits on a thin and shrinking profit while the growth story does the work," Bage told Moneywise. Bage said fashion companies also face a risk that is much harder to put into a spreadsheet: tastes change.

"A loyal base built on one aesthetic is a strength until the aesthetic moves, which is why public markets price predictability and fashion struggles to promise it," he said.

The Growth Pitch

One of Reformation's strongest selling points...