Reformation, a women’s fashion retailer, made its public market debut on the New York Stock Exchange on Thursday under the ticker symbol “REF.” The company priced its initial public offering at $15 per share and offered 14,062,500 shares, raising $210.9 million in proceeds. Trading activity on the opening day resulted in the stock closing essentially unchanged from its offer price.
The IPO marks a notable milestone for the retailer amid a broader slowdown in public offerings since 2021. Reformation shares the distinction of launching on the same day as sandwich chain Jersey Mike’s, which also listed on the NYSE. The company had previously demonstrated strong financial performance, including 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026. Full year 2025 results showed net revenue of $507.1 million and net income of $12.6 million, figures that reflect the impact of tariffs during that period.
Reformation operates 70 stores across the United States, United Kingdom, Canada and France as of the first quarter of 2026. The company reported more than 1 million active customers across its direct-to-consumer channel in 2025, with revenue concentrated outside major metropolitan areas like New York and California. According to company filings, the typical customer is aged between 25 and 50 years old and has annual income exceeding $100,000.
CEO Hali Borenstein outlined the company’s strategic priorities going forward, including expansion of physical retail locations, acceleration of e-commerce operations, diversification into additional product categories and geographic expansion. Borenstein characterized the company as well-positioned within the fragmented fashion industry and poised to benefit from increasing global interest in sustainable fashion. She noted that 34 percent of product units came from North American manufacturing during the prior year, positioning the company to manage tariff and trade challenges ahead.
The underwriting syndicate for the offering included J.P. Morgan, Morgan Stanley, Citigroup and RBC Capital Markets.
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