Reformation Inc., a sustainable womenswear brand, and shareholders including its private equity backer Permira are seeking to raise as much as $239 million in its US initial public offering. The Los Angeles-based retailer filed for an IPO that could value the company at over $1 billion, marking a significant milestone for the eco-conscious fashion label.

Founded in 2009 by Yael Aflalo, Reformation has built a following through its transparent supply chain and carbon-neutral operations. The company reported $200 million in revenue for 2022, with profitability achieved in recent years. Permira acquired a majority stake in 2020, supporting Reformation's expansion into new categories and international markets.

The offering includes shares sold by the company and existing shareholders, with proceeds earmarked for debt repayment, working capital, and potential acquisitions. Goldman Sachs, Morgan Stanley, and Barclays are leading the underwriting syndicate. The stock is expected to list on the Nasdaq under the ticker "REFR."

Investor appetite for sustainable fashion brands remains strong despite broader market volatility. Reformation's direct-to-consumer model and loyal customer base position it favorably among recent consumer IPOs. The pricing range and final share count will be determined closer to the launch date.