Reformation's IPO Launches With $210.9 Million Valuation

WHO:

Bloomberg Markets - Reformation Inc. is a sustainable womenswear brand founded by Yael Aflalo.

Fast Company - Private equity firm Permira owns a majority stake in Reformation since 2019.

Fast Company - Hali Borenstein is the current CEO of Reformation, having taken over after Yael Aflalo stepped down.

WHAT:

CNBC - Reformation's stock opened at its IPO price of $15 and closed at $15.08 at the end of its first trading day.

Fast Company - Reformation is offering 14,062,500 shares in its IPO, which includes 9.48 million from the company and 4.58 million from existing stockholders.

Fast Company - Reformation's stock will trade under the ticker symbol "REF" on the NYSE.

CNBC - Reformation's stock closed at $15.08 at the end of its first trading day, slightly above its IPO price of $15.

Fast Company - Reformation offered 14.1 million shares in its IPO, raising $210.9 million.

Fast Company - The company stated that 70% of its revenue comes from outside of New York and California.

CNBC - Reformation has seen 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026.

CNBC - Reformation's net revenue for the full year 2025 was $507.1 million, with a net income of $12.6 million.

CNBC - Reformation reported more than 1 million active customers across its direct-to-consumer channel in 2025.

CNBC - 70% of Reformation's revenue comes from outside of New York and California.

CNBC - The average consumer of Reformation makes over $100,000 annually, making it more insulated from macroeconomic pressures.

Bloomberg Markets - Reformation raised $210.9 million in its initial public offering (IPO).

Fast Company - Reformation priced its IPO shares at $15 each, the low end of its projected range.

Fast Company - Reformation is offering 14.06 million common stock shares in its IPO, with 9.48 million from the company and 4.58 million from existing stockholders.

Fast Company - Permira will own 49.2% of Reformation’s stock post-IPO, which will drop to 46.9% if underwriters fully exercise their option to purchase additional shares.

WHERE:

Fast Company - Reformation is based in Los Angeles and has opened over 70 stores in the United States, Canada, France, and the United Kingdom.

WHEN:

Fast Company - Reformation's IPO shares began trading on the New York Stock Exchange (NYSE) on July 30.

Fast Company - The IPO offer is expected to close on July 31.

WHY:

Fast Company - Reformation's IPO allows the company to raise capital and provides liquidity for existing shareholders.

HOW:

CNBC - CEO Hali Borenstein stated, "Reformation is ready, and that is really the driving reason we've spent a lot of time working to build a business that redefines retail, really innovates on what the role of a brand is in the fashion space, and we've done a great job at that."

CNBC - CEO Hali Borenstein emphasized that Reformation is "ready to scale" and has built a foundation to innovate in the fashion space.

CNBC - CEO Hali Borenstein stated that Reformation's focus in its next phase of growth includes increasing distribution with more stores, accelerating e-commerce, investing in category diversification, and expanding overseas.

Fast Company - Reformation's IPO was filed with the Securities and Exchange Commission (SEC) and involved underwriters including J.P. Morgan and Morgan Stanley.

(UPDATED July 31, 2026 00:22 UTC)

Reformation's stock opened at its initial public offering price of $15 and closed at $15.08 at the end of its first trading day on the New York Stock Exchange under the ticker symbol "REF." The company is offering 14,062,500 shares in this IPO, which includes 9.48 million shares from Reformation itself and 4.58 million from existing stockholders. CEO Hali Borenstein expressed confidence in the company's readiness, stating that they have dedicated significant effort to redefine retail and innovate the role of a brand in the fashion industry.

(UPDATED July 30, 2026 23:21 UTC)

Reformation's stock closed at $15.08 at the end of its first trading day, slightly above its IPO price of $15, after offering 14.1 million shares and raising $210.9 million. The company noted that 70% of its revenue comes from outside New York and California. CEO Hali Borenstein emphasized that Reformation is "ready to scale" and has built a foundation to innovate in the fashion space.

(UPDATED July 30, 2026 19:30 UTC)

Reformation has achieved an impressive milestone, recording 20 consecutive quarters of double-digit net revenue growth, with a total net revenue of $507.1 million and a net income of $12.6 million for the full year 2025. The company boasts over 1 million active customers through its direct-to-consumer channel, and interestingly, 70% of its revenue comes from outside New York and California, appealing to consumers who earn more than $100,000 annually. Looking ahead, CEO Hali Borenstein has outlined plans to enhance growth by increasing distribution through more stores, boosting e-commerce, diversifying product categories, and expanding into international markets.

(UPDATED July 30, 2026 18:26 UTC)

Reformation Inc., a sustainable womenswear brand based in Los Angeles, has successfully raised $210.9 million in its initial public offering, pricing shares at $15 each. The IPO, which began trading on the New York Stock Exchange, involves the sale of over 14 million common stock shares, with private equity firm Permira set to retain a significant stake post-IPO. The offering is expected to close on July 31, providing capital for the company and liquidity for its existing shareholders.