Reformation Inc.

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General Information
Business:

(Incorporated in Delaware)

Hi. We’re Reformation, the largest sustainable womenswear brand on the planet (that we know of, anyways). Since 2009, we’ve been on a mission to bring beautiful, sustainable fashion to everyone and look damn good doing it.

We make timeless, modern apparel and accessories that instill confidence and generate deep brand love from our loyal customers spanning generations and geographies. Our goal is to have a positive impact on people and the planet and prove that it’s possible to build a global fashion brand that delivers both impressive financial and environmental results. From 2015 to 2025, we grew net revenue at a compound annual growth rate (“CAGR”) of 34%, reaching over half a billion dollars of net revenue and over one million Active Customers, all while boasting strong margins. In 2026, our momentum has continued, with net revenue growing 30% during the first quarter of 2026 compared to the first quarter of 2025.

As of June 22, 2026, Reformation sold its clothing and accessories in 70 stores – 60 stores in the United States and 10 stores across London, Paris, Toronto and Vancouver. The company also sells its apparel and accessories online through its DTC (Direct-To-Consumer) channels.

Here’s how we operate differently:
•Beloved lifestyle brand — We’re known and loved for our unique brand identity, which helps us connect authentically with customers and the broader cultural zeitgeist. Our customers love us: 77% of Active Customers cited Reformation as one of their favorite brands or their all-time favorite brand in our July 2025 Customer Survey and, in 2025, nearly 70% of our direct-to-consumer (“DTC”) net revenue came from our returning customers.
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•Product and merchandising optimization — We make great products our customers are obsessed with across categories and occasions. Our strategy is based on 1) testing new styles in small quantities and 2) iterating on proven designs. As a result, full-price sales consistently represented approximately 80% of our DTC net revenue from 2021 to 2025.
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•Agile, sustainable supply chain — We have proven that speed, sustainability, and profitability can coexist in fashion. Supported by our efficient supply chain and well-defined Sustainability Framework, we maintain industry-leading manufacturing lead times compared to key peers in the apparel industry, with 50% of our product arriving in our distribution center in 60 days or less for the past three years.

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•Technology-forward shopping experiences — We directly own the relationship with our customer with approximately 90% of our net revenue coming from our DTC channel in 2025. We leverage technology to build smarter and more elevated retail shopping experiences. 

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Note: Net income and revenue are for the 12 months that ended on March 31, 2026.

(Note: Reformation filed its S-1 for its IPO on June 25, 2026, without disclosing the terms. Estimated proceeds are $100 million, a placeholder figure. Some Wall Street experts, however, have estimated that Reformation’s IPO could raise between $150 million and $250 million.)
Industry: APPAREL - Women's Juniors & Misses Outerwear
Employees: 1261
Founded: 2009
Contact Information
Address 5801 S. 2nd St. Vernon, CA 90058
Phone Number (213) 282-2025
Web Address http://www.thereformation.com/
View Prospectus: Reformation Inc.
Financial Information
Market Cap
Revenues $533.31 mil (last 12 months)
Net Income $-5.06 mil (last 12 months)
IPO Profile
Symbol REF
Exchange NYSE
Shares (millions): 0.0
Price range $0.00 - $0.00
Est. $ Volume $100.0 mil
Manager / Joint Managers J.P.Morgan/Morgan Stanley/Citigroup/RBC Capital Markets/Guggenheim Securities/Baird/William Blair/BTIG/Telsey Advisory Group
CO-Managers
Expected To Trade:
Status: TBA
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change