Freedom Broker analysts drew attention to the upcoming IPO of Reformation Inc., one of the world’s largest brands of sustainable women’s apparel. The company is going public under the ticker REF amid steady revenue growth, a high share of repeat customers, and a strong direct-to-consumer sales model. The shares will be offered in the $15–17 range, implying a company valuation of about $945.2 million. Trading on the NYSE will begin on July 30.
Reformation bets on sustainable fashion and direct sales
Reformation Inc. is a U.S. women’s apparel manufacturer and retailer founded in 2009 in Los Angeles. The company focuses on sustainable fashion and sells primarily through its own stores and online platform. As of June 2026, the chain had 70 stores, 60 of them in the U.S., with another ten in London, Paris, Toronto, and Vancouver.
The business model combines high growth with resilient profitability
According to Freedom Broker analysts, Reformation’s investment appeal lies not only in rapid business growth but also in the specifics of its operating model. The company independently controls a significant part of the production chain, rapidly tests new collections, and generates about 90% of revenue through its own sales channels, which helps maintain high margins and minimize dependence on third-party retailers.
Another advantage, analysts say, is a high level of customer loyalty: in 2025, about 70% of DTC revenue was generated by repeat customers, while full-price sales consistently accounted for about 80% of direct-channel revenue.
The company goes public after several years of rapid growth
Reformation plans to offer 14.06 million shares at $15–17 per share. The IPO size will be about $225 million, and the company’s market capitalization after the offering is estimated at roughly $945.2 million. The deal is led by J.P. Morgan, Morgan Stanley, Citigroup, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, BTIG, and Telsey Advisory Group.
Revenue topped half a billion dollars
In recent years, the company has posted strong growth. From 2015 to 2025, the compound annual growth rate of net revenue was 34%, and the number of active customers exceeded 1 million.
For the twelve months ended March 31, 2026, net revenue exceeded $500 million, and in the first quarter of 2026, sales rose another 30% versus the same period a year earlier.
According to previously published reports, in fiscal 2025 the company’s revenue increased to $507.1 million from $438.2 million a year earlier. Net profit fell to $12.6 million from $33 million, due to active investment in business expansion.
The IPO market is growing — what investors should watch
The U.S. primary market continues to recover after a spring lull. In late July, Catalyst Acquisition Corp. announced an IPO, setting the offering price at $10 per unit. The company will list via a SPAC transaction—an alternative path for a private company to go public by merging with a special-purpose public company that has no operating business and is formed solely to find a target for combination. Catalyst Acquisition Corp. previously raised $200 million, while underwriter Santander received an option to purchase up to an additional 3 million units.
Another notable offering is Scribe Therapeutics, which plans to raise about $100 million at a range of $13–15 per share. The biotechnology company is developing CRISPR therapies to treat cardiovascular diseases, and its lead candidate, STX-1150, is already in early clinical trials in humans.
In addition, Chinese AI company Moonshot AI is preparing for an IPO in Hong Kong. After completing the current funding round at a $31.5 billion valuation, it intends to raise new capital, aiming to reach a valuation of up to $50 billion.
Not an individual investment recommendation.