The sustainable apparel brand’s IPO values the company at 1.5 times 2027 expected sales, undercutting competitors like Aritzia and Ralph Lauren.
Reformation Inc. priced its initial public offering at $15 per share, valuing the company at approximately $500 million. The Los Angeles-based sustainable apparel brand reported 34% annualized revenue growth since 2015 and a 30% increase in Q1 2026, driven by a loyal customer base with 70% of 2025 direct-to-consumer sales from repeat buyers.
The company’s valuation of 1.5 times 2027 expected sales is below peers such as Aritzia Inc. and Ralph Lauren Corp. Reformation has expanded beyond its dress-focused origins into denim, shoes, and accessories, targeting affluent consumers, with 67% of its clientele earning over $100k annually.
Shares of Reformation (NYSE: REF) begin trading Thursday on the New York Stock Exchange, with the company holding just 1% market penetration in the U.S. women’s 18-60 demographic, signaling growth potential.