Reformation Files for IPO With $507M in Revenue and 20 Quarters of Double-Digit Growth

Quick Facts

Reformation reported $507.1 million in 2025 net revenue, up from $438.2 million in 2024, with a compound annual growth rate of 34% since 2015.
The brand operates 70 stores across the US, UK, Canada and France, serves more than 1.1 million active customers, and generates 90% of revenue through direct channels.
Private equity firm Permira, which took a majority stake in 2019, is expected to retain significant influence post-IPO; proceeds may be used to repay debt from a $92 million recapitalization completed June 17.

Reformation Inc. filed a Form S-1 with the SEC on June 25, 2026, setting the stage for a public listing on the New York Stock Exchange under the ticker symbol REF. The Los Angeles-based womenswear brand did not disclose a price range, share count, or offering size in the filing.

The 17-year-old company posted $507.1 million in net revenue for 2025, a 15.7% increase from $438.2 million in 2024. First-quarter 2026 revenue rose 30.4% year-over-year to $112.3 million, extending the brand’s streak to 20 consecutive quarters of double-digit growth.

Profitability, however, tells a more complicated story. Net income fell to $12.6 million in 2025 from $32.9 million the prior year, producing a net margin of roughly 2.5%. Adjusted EBITDA came in at $45 million, or 8.9% of net revenue. In the first quarter of 2026, the company posted a net loss of $12.1 million, compared to a net loss of $5.6 million in the same period a year earlier.

Tariffs added pressure to margins. Reformation disclosed that its 2025 gross margin of 60.2% was negatively affected by 360 basis points due to IEEPA tariffs.

The company completed a dividend recapitalization on June 17, 2026, borrowing $92 million in additional term loans to pay a dividend of $233.30 per share to existing stockholders. The total cash outlay was approximately $90 million. The filing indicates some IPO proceeds may be directed toward paying down that debt, a move that would reduce interest expense and lift net income without requiring operational changes.

Reformation’s business model leans heavily on direct-to-consumer channels. In 2025, 90% of net revenue came from direct sales. The brand tests new styles in small batches, replenishes top sellers quickly, and reported approximately 80% full-price sell-through in its DTC channel from 2021 to 2025. It also sells into 15 wholesale accounts across 142 doors.

As of June 22, 2026, Reformation operated 70 stores across the US, UK, Canada and France. Its e-commerce business ships to more than 150 countries. Active customers totaled more than 1.1 million as of March 28, 2026.

JPMorgan, Morgan Stanley, Citigroup and RBC Capital Markets are leading the offering. Guggenheim Securities, Baird, William Blair, BTIG and Telsey Advisory Group are also listed as underwriters.

The filing opens with a line the brand has long used in marketing: “Being naked is the #1 most sustainable option. We’re #2.” It follows with a note on financial discipline: “Most of the time we don’t take ourselves too seriously, but when it comes to financial performance, we operate with rigor and commitment to our stakeholders.”

CEO Hali Borenstein has previously tied profitability to the brand’s founding logic. “When we set out to bring sustainable fashion to everyone, part of that was recognizing we had to be profitable,” she said. “We needed to build not only a sustainable business but a business that can fund itself and its expansion.”

Permira made its initial investment in Reformation in 2019. At the time, the firm described the brand as “uniquely positioned at the intersection of fashion and sustainability” and called it “rare for a business to have both tremendous brand strength and first-rate omnichannel capabilities.”

Reformation’s filing arrives as the US IPO market recovers from a quiet stretch earlier in 2026. Other fashion and lifestyle brands, including Skims and Authentic Brands Group, are also watched as potential public market candidates. Reformation’s move gives investors an early read on appetite for fashion listings at a time when Wall Street indexes are near record highs.