Permira-backed Reformation raises $210.9m in IPO
Sustainable fashion retailer Reformation has raised $210.9m through its initial public offering (IPO), providing private equity owner Permira with a partial exit while leaving the buyout firm as the company’s largest shareholder, according to a report by Bloomberg.
The California-based womenswear brand priced its shares at $15 each, the bottom of its marketed range of $15 to $17. The offering included approximately 9.5 million newly issued shares from the company alongside 4.6 million shares sold by existing investors.
Based on the IPO price, Reformation has an implied market capitalisation of approximately $886m.
The flotation represents another sponsor-backed company returning to the public markets after a prolonged period in which private equity firms have faced limited exit opportunities. While IPO activity has recovered across several sectors, listings of consumer businesses have remained comparatively scarce.
Following the offering, Permira is expected to retain an ownership stake of around 49% in the business, maintaining a significant position despite monetising part of its investment. Founder Yael Aflalo’s family trust will continue to own approximately 20% of the company’s shares.
Founded in 2009, Reformation has built its brand around sustainable fashion, vertically integrated manufacturing and a digitally focused direct-to-consumer (DTC) strategy. Around 90% of its revenue in 2025 came through its DTC business, which surpassed one million active customers last year and had approximately 1.14 million active customers as of late March 2026.
The company has reported consistent top-line expansion, recording 20 consecutive quarters of double-digit revenue growth through the first quarter of 2026. Annual net revenue reached $507.1 million in 2025, representing a compound annual growth rate of 19% since 2023.
For the 13 weeks ended 28 March 2026, Reformation generated revenue of $112.3m, up from $86.1m a year earlier. The company reported a net loss of $12.1m for the quarter, compared with a $5.6m loss in the corresponding period of 2025. Gross margin reached 70%, aided by tariff-related refunds.
The IPO was led by JPMorgan Chase and Morgan Stanley. Reformation’s shares are expected to begin trading on the New York Stock Exchange under the ticker symbol REF.