A pair of IPOs by Jersey Mike’s and Reformation saw tepid investor response, with the sandwich maker's shares falling 6 per cent and the fashion retailer ending flat. Both companies, backed by private equity, aimed to test the market's appetite for consumer brands amidst inflation and poor sentiment.

Jersey Mike's priced at $23 and closed at $21.63, with CEO Charlie Morrison stating a long-term focus. The chain, aiming for 15,000 stores, will use IPO proceeds to pay down $2.1bn in debt from its Blackstone acquisition. Reformation, known for sustainable fashion and celebrity endorsements, also plans to use proceeds for debt reduction and international expansion.

Reformation's net income fell significantly in 2025, though its CEO expects margin recovery. These offerings follow a strong year for consumer brands reporting rising profits despite inflationary pressures, with other companies like Inspire Brands and Shein also preparing for IPOs.