Reformation targets $1 billion valuation in U.S. IPO

Reformation sought a valuation of up to $1 billion in its U.S. initial public offering, aiming to list on the New York Stock Exchange under the ticker REF. The Vernon, California-based womenswear brand also planned to raise up to $239.1 million by selling 14.1 million shares at $15 to $17 each.

The filing showed a business that was still growing but not yet uniformly profitable. Reformation reported revenue of $507.1 million for the year ended December 27, 2025, up from $438.2 million a year earlier, while net profit fell to $12.6 million from $33 million. In the 13 weeks ending March 28, the company posted a $12.1 million net loss on revenue of $112.3 million, a reminder that the quarterly picture was more volatile than the full-year topline.

The numbers put a premium fashion label into a market that has been selective about consumer names. Reformation has built its identity around digitally native shopping and sustainability messaging, and the brand has attracted younger customers who care about style, brand values and the convenience of buying online. A $1 billion valuation would make the offering a meaningful test of whether that mix still commands a public-market premium when investors are scrutinizing margins, inventory discipline and demand for discretionary spending.

The company was also notable for how long it had already been operating before heading to Wall Street. Coverage described Reformation as a 17-year-old brand, and it had already moved through a major ownership shift before the IPO attempt. Permira became the majority owner in a prior transaction, while founder Yael Aflalo remained CEO and a significant owner in earlier reporting on that deal.

For public investors, the central issue was not whether Reformation had a recognizable name, but whether the brand’s eco-minded positioning translated into durable earnings. The IPO came as one of the rarer public-market moves for a fashion brand in recent years, giving investors a chance to judge whether selective appetite for consumer companies extended to a premium apparel label with growth, but also with clear exposure to fashion cycles, discount pressure and shifts in consumer confidence.