Reformation Inc. Announces NYSE IPO Filing

Reformation Inc., a sustainable womenswear brand, submitted a registration statement to the U.S. Securities and Exchange Commission on 26 June 2026 seeking to list its common stock on the New York Stock Exchange under the ticker REF. The offering will be led by JPMorgan, Morgan Stanley, Citigroup and RBC Capital Markets, with Guggenheim Securities, Baird, William Blair, BTIG and Telsey Advisory Group also participating as underwriters. The prospectus indicates that the company and existing shareholders will sell shares, but the exact share count and price range have not yet been disclosed, and Reformation will not receive any proceeds from the selling shareholders’ stock sales.

Recent Financial Performance

For the fiscal year 2025, Reformation reported net revenue of $507.1 million, representing an increase from $438.2 million in 2024. Net income for 2025 declined to $12.6 million from $32.9 million in the prior year. The 2025 gross margin stood at 60.2%, a reduction of 360 basis points attributed to the impact of IEEPA tariffs.

Operational Footprint

As of 22 June 2026, the company operated 70 retail stores and maintained relationships with 15 strategic wholesale accounts that collectively covered 142 wholesale doors. Reformation disclosed that it had more than 1.1 million active customers as of 28 March 2026.

First‑Quarter 2026 Results

In the first quarter of 2026, net revenue reached $112.3 million, up 30.4% year‑over‑year from $86.1 million in the first quarter of 2025.

Dividend Recapitalization

On 17 June 2026, Reformation completed a dividend recapitalization, distributing a cash dividend of $233.30 per share to common‑stock holders. To fund the dividend, the company borrowed an additional $92.0 million in term loans under an amended credit agreement. The aggregate amount of the dividend and cash payments related to certain options and restricted stock units totaled approximately $90 million.

Outlook

The filing signals Reformation’s intent to broaden its retail footprint and access public‑market capital, while recent financial trends show revenue growth alongside a contraction in profitability.