Reformation

Last updated: July 21, 2026
Ticker
REF
Exchange
NYSE
IPO Date
Pending
Price Range
$15.00 - $17.00
Deal Size
$225 million

Company Snapshot

Reformation is a sustainable fashion brand that designs and sells women's apparel, footwear, and accessories. The company focuses on environmentally friendly practices and aims to meet rapidly changing consumer preferences by offering unique and stylish products. Their business model emphasizes direct-to-consumer sales through e-commerce and retail channels, leveraging a strong brand identity and marketing strategies.

Key Financials

Metric202520242023
Revenue$507.1M$438.2M$359.5M
YoY Growth+15.7%+21.9%-
Adjusted Net Income$12.6M$32.9M$23.9M
Margin %2.5%7.5%6.6%
Gross Margin
60%

Balance Sheet

Cash & Equivalents
$65.5M
Total Debt
$160.2M

Implied Valuation at Midpoint

Market Cap
$945M
P/S Ratio
1.9x
P/E Ratio
75.0x

Based on price range midpoint and most recent fiscal year data.

S-1 Highlights

Market & Competition

The company operates in the women's apparel market, which is characterized by rapidly changing trends and consumer demands. Reformation competes with companies such as Everlane and Madewell.

Use of Proceeds

Proceeds from the IPO will be used to support the company's growth initiatives, including investments in marketing and product development.

Key Risk Factors

  • The company faces risks related to changing consumer preferences, which could impact sales if they fail to anticipate trends effectively.
  • Increased competition in the sustainable fashion space may require additional marketing expenditures, potentially affecting profitability.

Deal Structure

Primary Shares
9,478,821 shares
Secondary Shares
4,583,679 shares
Shares Outstanding
59,076,208 shares
Post-IPO Float
23.9%
Lock-up
No Lock-up Agreement
Lead Underwriters
J.P. Morgan, Morgan Stanley, Citigroup

Reported Broker Availability

E*TRADEE*TRADE

Reported by users or publicly disclosed. Information is for reference only.

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