Reformation, a women's clothing retailer, began trading on the New York Stock Exchange under the ticker symbol 'REF' after pricing its initial public offering (IPO) at $15 per share. The company is offering 14,062,500 shares, which translates to a total raise of $210.9 million. This IPO is notable as it occurs during a period of reduced activity in the IPO market, following a boom in 2021.
Reformation's performance has been strong, with 20 consecutive quarters of double-digit net revenue growth projected through the first quarter of 2026. For the full year 2025, the company reported net revenue of $507.1 million and a net income of $12.6 million, despite challenges such as tariffs imposed during the Trump administration.
The company operates 70 stores across the U.S., UK, Canada, and France, and claims over 1 million active customers in its direct-to-consumer channel.
CEO Hali Borenstein highlighted the diversity of their customer base, with a significant portion of new customers being younger than 25 or older than 50, and noted that the average consumer earns over $100,000 annually, which may provide some insulation from broader economic pressures affecting other retailers. The IPO is supported by major financial institutions including J.P.
Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets