Reformation at a glance
As of- [1] Market cap: stockanalysis.com, September 4, 2026
- [2] Founded: AOL (retrieved July 30, 2026)
- [3] Headquarters: AOL (retrieved July 30, 2026)
What Reformation does
It was founded in 2009 as a vintage clothing boutique in Los Angeles.[1] The company is based in Vernon, California.[1] Its main product groups are dresses, bottoms, tops, sweaters and accessories.[1] About 90% of sales come through its direct-to-consumer channels.[2] Private equity firm Permira bought a majority stake in 2019.[1] The company sold 9,478,821 of those shares and existing stockholders sold 4,583,679.[3] The shares opened flat on the NYSE under the ticker REF, valuing the company at $886.1 million.[1] It used about $110 million of the proceeds to reduce debt.[4]
Business model and customers
Reformation designs and sells women's apparel and accessories and describes itself as the largest sustainable womenswear brand.[1] The company tests new styles in small quantities, twice a week online and once a week in stores, and reorders the designs that sell.[1] Revenue was $507.1 million for the year ended December 27, 2025, up from $438.2 million, while net profit fell to $12.6 million from $33 million.[2] In its first quarter as a public company, the second quarter of 2026, net revenue rose 24.1% to $155.2 million and net income was $12.4 million.[4] Active customers rose 23% to 1.2 million.[4] The company expects 2026 revenue of $602 million to $606 million and 79 to 80 stores by year end.[4]
Leadership
- Hali Borenstein is CEO.[1]
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Company Snapshot
Reformation is a Consumer company, based in Vernon, California, USA, founded 2009 by Yael Aflalo.
Recent changes
- Sep 4, 2026Sep 4, 2026First reported market cap: $808.75M stockanalysis.com
- Jul 30, 2026Jul 30, 2026Raised $210.9M Bloomberg
- Jul 30, 2026Jul 30, 2026Reformation Opens Flat in $211M NYSE Debut Pulse story
- Jul 30, 2026Jul 30, 2026Reformation Debuts on NYSE, Raises $210.9M Pulse story
- Jul 30, 2026Jul 30, 2026Reformation Opens Flat, Valued at $886M in NYSE Debut Pulse story
Earlier changes (3)
- Jul 29, 2026Jul 29, 2026Reformation Prices IPO to Raise Up to $225M Pulse story
- Jul 24, 2026Jul 24, 2026Reformation Prices Alongside Jersey Mike's This Week Pulse story
- Jul 23, 2026Jul 23, 2026Reformation Files for NYSE IPO Off 20 Growth Quarters Pulse story
Funding history
1 equity event · newest first · sources dated per row| Date | Round | Amount | Valuation | Lead investors | Source |
|---|---|---|---|---|---|
| Jul 30, 2026 | Funding round | $210.9M | — | — | Bloomberg |
Equity only. “Equity raised” above sums the rounds with a dated, linked source; rumored rounds, tender offers and secondary sales are listed but not counted, and debt financing is listed separately.
Investors
Latest Pulse
- Sep 14, 2026Daydream Turns Your Camera Roll Into A Shoppable FeedFashion discovery app Daydream launched two Apple Intelligence-powered features letting iPhone users shop outfits saved in their camera roll and search its catalog of roughly 3 million products through Siri without opening the app.→
- Aug 3, 2026Consumer IPOs Are Getting Crushed While Biotech PopsJersey Mike's opened 9% below its IPO price the same day Reformation traded flat, while Apnimed popped 37.5% days later -- public investors are rewarding unmet-need biotech and discounting mature consumer brands.→
- Aug 3, 2026Muted Consumer IPO Debuts Are a Warning for the Tech PipelineReformation and Jersey Mike's both priced and debuted within days of each other with muted first-day performance, a real-time read on risk appetite that every AI-adjacent IPO waiting in the wings should be watching closely.→
- Aug 2, 2026Biotech IPOs Are Upsizing Mid-Roadmap in 2026Several of 2026's biotech IPOs have expanded their target raise between initial filing and pricing, a sign the sector's strong average return this year has pulled in enough demand that bankers are re-cutting deal size on the fly.→
- Aug 1, 2026Why Robotics Is Quietly Becoming the SPAC Market's Favorite ExitBetween Agility Robotics' $2.5B SPAC merger and Michael Klein's newest blank-check vehicle, 2026's SPAC revival is being built on capital-intensive robotics and infrastructure, not the last cycle's meme stocks.→
- Jul 31, 2026The IPO Window Is Splitting Into Two Very Different TiersThis week's debuts split the 2026 IPO market sharply: differentiated biotech stories got double-digit pops, while mature, sponsor-backed consumer brands opened flat or down regardless of profitability.→
- Jul 31, 2026Apnimed Soars 37% in Nasdaq Debut for Sleep Apnea PillApnimed shares jumped as much as 37.5% in their Nasdaq debut after the Phase 3 biotech priced its upsized IPO at $16 a share, raising $192 million to fund what could become the first FDA-approved pill for obstructive sleep apnea.→
- Jul 30, 2026Why 2026's IPO Debuts Are Splitting Into Two TiersThis week's IPO calendar is splitting cleanly into two tiers -- AI-adjacent and clinical-stage biotech names popping double digits, while established consumer and franchise brands price cleanly but open flat or down, a divergence worth watching as the 2026 IPO window matures.→
- Jul 30, 2026Reformation Debuts on NYSE, Raises $210.9MSustainable womenswear brand Reformation priced its IPO at $15 a share, raising $210.9 million and debuting on the NYSE at a roughly $886 million market value backed by private equity firm Permira.→
- Jul 30, 2026Reformation Opens Flat in $211M NYSE DebutPermira-backed sustainable fashion retailer Reformation raised $210.9 million in its NYSE debut, pricing at the bottom of its range and opening flat at $15 for an $886 million market value, well below its initial $1 billion target.→
Coverage Timeline
newest first- Aug 3, 2026IPOConsumer IPOs Are Getting Crushed While Biotech Pops→
- Aug 3, 2026IPOMuted Consumer IPO Debuts Are a Warning for the Tech Pipeline→
- Jul 30, 2026IPOReformation Debuts on NYSE, Raises $210.9M$210.9M raised→
- Jul 30, 2026IPOReformation Opens Flat in $211M NYSE Debut$886M valuation→
- Jul 30, 2026IPOReformation Opens Flat, Valued at $886M in NYSE Debut$886M valuation→
- Jul 29, 2026IPOReformation Prices IPO to Raise Up to $225M$225M IPO→
- Jul 24, 2026IPOReformation Prices Alongside Jersey Mike's This Week$293M IPO→
- Jul 23, 2026IPOReformation Files for NYSE IPO Off 20 Growth Quartersup to $1B target valuation→
All Coverage
IPO
Consumer IPOs Are Getting Crushed While Biotech Pops
Jersey Mike's opened 9% below its IPO price the same day Reformation traded flat, while Apnimed popped 37.5% days later -- public investors are rewarding unmet-need biotech and discounting mature consumer brands.
Muted Consumer IPO Debuts Are a Warning for the Tech Pipeline
IPO
Muted Consumer IPO Debuts Are a Warning for the Tech Pipeline
Reformation and Jersey Mike's both priced and debuted within days of each other with muted first-day performance, a real-time read on risk appetite that every AI-adjacent IPO waiting in the wings should be watching closely.
Reformation Debuts on NYSE, Raises $210.9M
IPO$210.9M raised
Reformation Debuts on NYSE, Raises $210.9M
Sustainable womenswear brand Reformation priced its IPO at $15 a share, raising $210.9 million and debuting on the NYSE at a roughly $886 million market value backed by private equity firm Permira.
Reformation Opens Flat in $211M NYSE Debut
IPO$886M valuation
Reformation Opens Flat in $211M NYSE Debut
Permira-backed sustainable fashion retailer Reformation raised $210.9 million in its NYSE debut, pricing at the bottom of its range and opening flat at $15 for an $886 million market value, well below its initial $1 billion target.
Reformation Opens Flat, Valued at $886M in NYSE Debut
IPO$886M valuation
Reformation Opens Flat, Valued at $886M in NYSE Debut
Reformation opened flat at its $15 IPO price in its NYSE debut Thursday, valuing the Permira-backed sustainable fashion brand at $886.1 million after it raised $210.9 million pricing at the bottom of its range.
Reformation Prices IPO to Raise Up to $225M
IPO$225M IPO
Reformation Prices IPO to Raise Up to $225M
Sustainable fashion brand Reformation priced its IPO at 14.06 million shares in a $15-17 range, targeting roughly $225 million at the midpoint ahead of its Nasdaq debut this week.
Reformation Prices Alongside Jersey Mike's This Week
IPO$293M IPO
Reformation Prices Alongside Jersey Mike's This Week
Reformation is pricing its NYSE debut the same night as Jersey Mike's, giving investors a rare back-to-back read on consumer-brand IPO appetite.
Reformation Files for NYSE IPO Off 20 Growth Quarters
IPOup to $1B target valuation
Reformation Files for NYSE IPO Off 20 Growth Quarters
Sustainable womenswear brand Reformation filed an amended S-1 for a proposed NYSE listing under ticker REF, off 20 straight quarters of double-digit growth, targeting up to a $1 billion valuation.
Value Add Research
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Reformation FAQ
How much revenue does Reformation make?
In its first quarter as a public company, the second quarter of 2026, net revenue rose 24.1% to $155.2 million and net income was $12.4 million.[4]
Who is the CEO of Reformation?
Hali Borenstein is CEO.[1]
Is Reformation a public company?
Reformation priced its IPO of 14,062,500 shares at $15 each in July 2026.[3],[5],[1]
Where is Reformation headquartered?
Reformation is based in Vernon, California.[1]
What is Reformation's market cap?
Reformation's market capitalization was $808.75M as of September 4, 2026, according to stockanalysis.com.
When was Reformation founded and where is it based?
Reformation was founded in 2009 and is headquartered in Vernon, California, USA, according to AOL.
References
researched 2026-10-24Sources & methodologyshow
Where these figures come from
- Bloombergmajor outlet1 fact
- stockanalysis.comresearch database1 fact
Figures are labelled Reported (a source states it), Estimated, Derived (computed from other facts) or Rumored (in talks / unconfirmed). Rumors never replace a confirmed figure. Each figure keeps its own as-of date; history is preserved rather than overwritten.