Women's apparel brand Reformation Inc. (REF.US), which focuses on a direct-to-consumer (DTC) business model, has priced its US initial public offering at $15 per share, the bottom end of its proposed range.
The company, which operates 70 stores, plans to sell 14.1 million shares, raising approximately $211 million. The IPO price sits at the low end of the $15 to $17 range, giving the company a fully diluted market capitalization of $973 million.
Founded in 2009 with a focus on dresses, Reformation describes itself as the world's largest sustainable women's apparel brand. The company has since expanded its product line to include bottoms, tops, knitwear, and accessories, offering a complete wardrobe solution.
Reformation employs a data-driven merchandising and agile manufacturing model, producing new styles in small batches. It tests these styles on its website twice a week and in stores once a week. The company operates a large manufacturing facility and distribution center in Los Angeles, which it says allows for delivery times significantly faster than industry averages.
Beyond its 66 retail locations, Reformation generates increasingly strong revenue through its online DTC channel. Between 2015 and 2025, the company achieved a compound annual growth rate (CAGR) of 34% in net revenue, surpassing $500 million in net revenue with over 1 million active users, while maintaining strong profit margins.
The company's growth momentum continues into 2026, with first-quarter net revenue expected to be 30% higher than the same period in 2025. In a July 2025 customer survey, 77% of active customers ranked Reformation as one of their favorite or all-time favorite brands. Furthermore, nearly 70% of the company's DTC net revenue in 2025 came from repeat customers.
Based in Vernon, California, the company will list on the New York Stock Exchange under the ticker symbol "REF." Joint bookrunners for the IPO include JPMorgan, Morgan Stanley, Citigroup, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, and BTIG.