REFORMATION BEGINS TRADING ON NYSE AFTER $210.9M IPO

Reformation, a women's clothing retailer, began trading on the New York Stock Exchange on Thursday under the ticker symbol "REF" at its IPO price of $15 per share. The company raised $210.9 million through the sale of 14,062,500 shares. Trading opened flat, with the share price remaining at its IPO pricing level. Reformation listed the same day as sandwich chain Jersey Mike's on the NYSE.

According to its regulatory filings, Reformation reported net revenue of $507.1 million for the full year 2025 and net income of $12.6 million, a figure that reflected the impact of tariffs. The company recorded 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026. As of the first quarter of 2026, Reformation operated 70 stores across the United States, United Kingdom, Canada and France. The retailer reported more than 1 million active customers across its direct-to-consumer channel in 2025, with 70% of customers aged between 25 and 50 years old.

Reformation's IPO comes as the retail sector has seen limited public market activity in recent years. The company stated in its S-1 filing that it believes it is "well positioned to capitalise on growing global demand for sustainable fashion" given the fragmented nature of the fashion industry. Reformation is backed by private equity firm Permira.