Reformation has filed an IPO on the NYSE, giving majority owner Permira a path to cash out after seven years of backing the sustainable women's‑wear label. The offering will mix new shares and those sold by existing holders, with no proceeds going to the selling shareholders, allowing backers to monetize their stakes.

Reformation’s growth under Permira is stark: from 14 stores in 2019 to 70 across the US, UK, Canada and France, and sales in more than 150 countries. Net revenue has compounded 34% annually, reaching $507.1 million last year, while the brand now serves about 1.14 million active customers with a 30% year‑on‑year revenue jump in Q1.

Profitability remains a wrinkle. Net profit fell from $33 million to $12.6 million between 2015 and 2025, and Q1 ended in a $12.1 million loss despite a 30% revenue rise. Roughly 90% of sales come through a direct‑to‑consumer channel, with 80% of that revenue at full price, signaling a high‑margin model and a strategic push toward sustainable sourcing.

Permira will still hold significant influence post‑listing, while longtime investor Stripes Group and founder Yael Aflalo keep stakes. J.P. Morgan and Morgan Stanley lead the deal with Citi, RBC, Guggenheim and others. Without a set price range, the IPO hinges on market conditions, but it marks the end of a long path to public markets today.