Reformation Files IPO Targeting $1B Valuation

A rare fashion listing

Reformation, the Permira-backed womenswear label known for its sustainability positioning, has launched its IPO roadshow and is targeting a valuation of up to $1 billion. The company plans to list on the New York Stock Exchange under the ticker REF, with shares expected to price between $15 and $17. The offering covers more than 14 million shares, and Reformation expects to net roughly $134.5 million assuming a $16 price. It is a rare public-market debut for a fashion brand in a stretch when few consumer names have tested investor appetite.

The financials behind the pitch

Reformation reported about $507 million in net revenue for 2025 and net income of $12.6 million, a combination of scale and profitability that many venture-funded direct-to-consumer brands never reached. Direct-to-consumer channels drove roughly $454 million of that revenue, and the brand logged more than 120 million website visits during the year. It operates 70 physical stores alongside its online business.

The most instructive number for other founders is the omnichannel gap. Reformation said customers who shop both online and in stores buy an average of 4.8 times a year and generate 3.1 times higher annual net spend than single-channel shoppers. J.P. Morgan and Morgan Stanley are leading the offering.

What it means for brands

Reformation’s filing reads like a template for the profitable, omnichannel version of D2C that investors now reward. The era of raising on growth alone has closed, and the metrics on display here, positive net income, a majority-DTC revenue base, and a physical footprint that lifts spend rather than draining it, are the ones acquirers and public markets scrutinize. For brands weighing stores, the 3.1 times spend figure is a concrete argument that retail and ecommerce compound rather than compete. Founders chasing scale should note that Reformation reached this point with 70 stores, not 700, suggesting disciplined expansion beats blanket rollout. A successful listing would also reopen a narrow window for other mature consumer brands watching whether public investors will pay for durable, profitable growth.