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Los Angeles-based womenswear brand Reformation has filed for an initial public offering and plans to list on the New York Stock Exchange under the ticker symbol REF.
The filing does not specify the number of shares to be offered or the expected price range.
J.P. Morgan and Morgan Stanley are serving as lead bookrunning managers, alongside Citigroup, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, BTIG and Telsey Advisory Group.
The offering includes newly issued shares from the company as well as shares sold by certain existing stockholders.
Reformation said it will not receive proceeds from shares sold by existing investors. It intends to use a portion of the proceeds from its own share sale to repay debt and repurchase shares from certain existing investors, according to Reuters.
Founded in 2009 as a vintage clothing boutique in Los Angeles, Reformation was acquired by private equity firm Permira in 2019, which is expected to retain a significant stake following the IPO.
The brand describes itself as the world’s largest sustainable womenswear brand. It operates 70 stores across the US, UK, Canada and France, while serving customers in more than 150 countries through its e-commerce business. Around 90% of sales are generated through its direct-to-consumer channels.
A public listing has been under consideration for several years. Bloomberg reported in May 2023 that Reformation was exploring an IPO after annual revenue surpassed $300 million.
More recently, revenue for the year ended 27 December 2025 rose to $507.1 million from $438.2 million a year earlier, while net profit declined to $12.6 million from $33 million. Gross margin for 2025 was 60.2%, down 360 basis points due to IEEPA tariffs.
For the first quarter of 2026, net revenue increased 30.4% year-on-year to $112.3 million, extending a streak of 20 consecutive quarters of double-digit growth.
Reformation is expected to generate more than $500 million in revenue in 2026, representing growth of more than 40% compared with 2023.
While the majority of sales come through its own channels, the brand also works with wholesale partners including Selfridges, Harvey Nichols and Liberty in the UK.