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Permira-Backed Reformation Valued at $886 Million as Shares Open Flat in Debut
The womenswear brand sold 14.1 million shares, including stock from existing holders, as it seeks investor demand for a fashion listing.
- On Thursday, July 30, 2026, Vernon, California-based womenswear brand Reformation debuted on the New York Stock Exchange under ticker "REF," pricing its initial public offering at $15 per share and raising $210.9 million.
- The listing, closely watched by an industry experiencing a recent IPO dry spell, highlights investor appetite for retail offerings alongside competitors like Jersey Mike testing the market.
- CEO Hali Borenstein reported 2025 annual net revenue of $507.1 million with a 19% compound annual growth rate since 2023, while the company operates 70 brick-and-mortar stores.
- Trading at a market value of about $890.9 million, the company remains majority-controlled by private equity firm Permira, expected to beneficially own approximately 49% of outstanding shares.
- Closing of the offering is expected July 31, 2026, as Reformation plans to more than double its current 70-store footprint over the next five years to capitalize on sustainable fashion demand.
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13 Articles
13 Articles
Womenswear Firm Reformation Closes Flat After $210.9 Million IPO
Reformation Inc., a sustainable womenswear brand backed by private equity firm Permira, closed barely changed in its trading debut Thursday, after the company raised $210.9 million in a listing that priced at the bottom of its marketed range.
·Toronto, Canada
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Womenswear Firm Reformation Opens Flat After $210.9 Million IPO
·New York, United States
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Coverage Details
Total News Sources13
Leaning Left3Leaning Right1Center6Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 30%
C 60%
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