Zhitong Finance App learned that fashion women's clothing brand Reformation Inc. and shareholders, including private equity agency Permira, plan to raise up to US$239 million through the IPO. According to documents submitted to the US Securities and Exchange Commission (SEC) on Monday, Reform and existing shareholders plan to issue approximately 14 million shares at an issue price range of $15 to $17 per share. Based on the maximum issue price, the company's market value is approximately 1 billion US dollars. According to reports, the pricing for this IPO is expected to be completed on July 29.
According to financial data, in the 13 weeks ending March 28, Reformation achieved revenue of US$112.3 million, up from US$86.1 million in the same period last year; net loss was US$12.1 million, a further increase from US$5.6 million in the same period last year.
However, the company's profitability remains at a high level. During the reporting period, the gross margin of Reform reached 70.3%, with an increase of about 9 percentage points mainly benefiting from tariff rebates related to the International Emergency Economic Powers Act (IEEPA).
Established in 2009, Reformation specializes in sustainable fashion women's clothing, with an environmentally friendly supply chain and digital shopping experience as its core competitiveness. According to the prospectus, about 90% of the company's 2025 revenue comes from direct-to-consumer (DTC) channels. In 2025, the number of active customers on the company's DTC channel exceeded 1 million, and as of March 28 this year, it had increased to about 1.14 million.
J.P. Morgan Chase (JPM.US) and Morgan Stanley (MS.US) acted as co-lead underwriters for this IPO. Reformation plans to list on the New York Stock Exchange under the stock code “REF.”