Focusing on the DTC model, women's clothing brand Reformation has set its IPO offering price on the US stock market at $15, which is at the lower end of the price range
The American sustainable women's clothing brand Reformation has set its IPO offering price at $15, the lower limit of the $15-$17 range. It plans to issue 14.1 million shares, expecting to raise $211 million, with a fully diluted market capitalization of approximately $973 million. The company will be listed on the New York Stock Exchange under the ticker symbol "REF"
According to Zhitong Finance APP, the American women's clothing brand Reformation, which focuses on DTC (direct-to-consumer) operations and has 70 stores, plans to issue 14.1 million shares at a price of $15 per share, expecting to raise $211 million in the U.S. stock market. The offering price is at the lower end of the range of $15 to $17. Based on the offering price, the company's fully diluted market value is $973 million.
Reformation started in 2009 with a dress business and claims to be the largest sustainable women's clothing brand in the world. Since then, the company has expanded its product range to a complete line of clothing products, including bottoms, tops, knitwear, and accessories. The company states that it uses a data-driven merchandise planning and agile manufacturing model, producing new styles in small batches and testing them twice a week on its website and once in stores. Reformation has a large production base and distribution center in Los Angeles, which the company claims allows its delivery cycle to far exceed the industry norm. In addition to 66 stores, the company also generates increasingly strong revenue data through online direct-to-consumer marketing channels.
From 2015 to 2025, the company's net revenue compound annual growth rate (CAGR) reached 34%, with net revenue exceeding $500 million and active users surpassing 1 million, while maintaining strong profit margins. The company's growth momentum remains strong, with net revenue data for the first quarter of 2026 expected to increase significantly by 30% compared to the first quarter of 2025. In a customer survey conducted in July 2025, 77% of active customers listed Reformation as one of their favorite brands or their all-time favorite brand. Additionally, by 2025, nearly 70% of the company's DTC net revenue data will come from repeat customers.
The company, headquartered in Vernon, California, will be publicly traded on the New York Stock Exchange, with the stock code proposed as "REF." JP Morgan, Morgan Stanley, Citigroup, Royal Bank of Canada Capital Markets, Guggenheim Securities, Baird, William Blair, and BTIG are serving as co-book runners for this U.S. IPO transaction
