Reformation, a women’s fashion retailer, commenced trading on the New York Stock Exchange on Thursday under ticker symbol “REF.” The company priced its initial public offering at $15 per share and offered 14,062,500 shares, generating $210.9 million in proceeds. The stock closed the trading day essentially unchanged from its offering price.
The company reported significant financial performance metrics in its public filings. Net revenue for the full year 2025 reached $507.1 million, with net income of $12.6 million after accounting for tariff impacts. Reformation demonstrated 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026. As of the first quarter of 2026, the company operated 70 stores across the United States, United Kingdom, Canada, and France.
Chief Executive Officer Hali Borenstein outlined the company’s growth strategy during media appearances on Thursday. The retailer plans to expand its physical store footprint, accelerate its e-commerce operations, diversify its product categories, and increase its international presence. Borenstein noted that the company is experiencing strong double-digit growth in the U.S., with 70% of revenue originating from regions outside New York and California.
Reformation reported over 1 million active customers in its direct-to-consumer channel during 2025. The company’s customer demographics skew toward higher income levels, with the average consumer earning over $100,000 annually. Approximately 70% of customers fall within the 25-to-50 age range, though the company is also attracting younger and older consumers, with 20% of new customers in each of those age groups.
The IPO was underwritten by J.P. Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets. Reformation’s public debut occurred the same day as Jersey Mike’s, a sandwich chain that also listed on the NYSE, representing a relatively sparse year for retail and consumer sector initial public offerings compared with historical norms.
Article Attribution | Read More at Article Source
Article summary produced by Claude AI