Reformation files for NYSE IPO as annual revenue tops $500M

Reformation filed for an archetypal nationalist offering connected Thursday, revealing that yearly gross crossed $500 cardinal and that the institution plans to database connected the New York Stock Exchange nether the ticker awesome REF.

In the fiscal twelvemonth ending December 27, 2025, the Los Angeles-based retailer reported $507.1 cardinal successful nett revenue, up 15.7% from $438.2 cardinal the twelvemonth before. However, nett income fell to $12.6 cardinal from $32.6 million. The filing listed adjusted EBITDA astatine $45 million, oregon 8.9% of nett revenue.

Sales successful the astir caller 4th deed $112.3 million, extending the company's streak of double-digit quarterly maturation to 20 consecutive periods — a 30.4% leap twelvemonth implicit year. The institution reported a nett nonaccomplishment of $12.1 cardinal successful the quarter, according to The Wall Street Journal.

Reformation generates astir 90% of its income done direct-to-consumer channels, including e-commerce and retail stores. At quarter's extremity successful precocious March, the marque counted 1.1 cardinal progressive customers, who generated an mean of $421 successful gross apiece during that period.

Reformation got its commencement successful 2009 arsenic a vintage store successful Los Angeles and has since built its individuality astir sustainability successful women's fashion. According to WWD, Permira — the backstage equity steadfast that took a bulk involvement successful Reformation successful 2019 — is listed successful the filing arsenic holding 224,800 shares. A household spot controlled by laminitis Yael Aflalo owns 90,609 shares. The filing disclosed that Permira's ownership presumption means it volition clasp important sway implicit firm decisions erstwhile the institution is publically traded.

Proceeds from the offering are earmarked successful portion for indebtedness simplification and buying backmost shares held by immoderate existent investors, the institution said. The filing did not specify a stock number oregon terms scope for the offering.

The underwriting syndicate includes J.P. Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets, Reuters reported.

Among the risks disclosed successful the filing is the company's reliance connected AI tools, which it cautioned could compromise lawsuit information privateness oregon underperform comparative to expectations.