Reformation, the eco‑friendly retailer known for celebrity‑favoured dresses, has filed for an IPO that would make it the largest apparel company to go public since Birkenstock in 2023. The filing shows net revenue of $507mn in 2025, growth every quarter for five years, and profitability since 2021, with marketing spending at 9% of revenue.

The fashion sector has seen rare new listings after a string of troubled offerings. Recent high‑profile IPOs include Space X, which debuted in June, and Bending Spoons, whose shares jumped 40% on day one. Analysts say a successful Reformation debut could clear a backlog of apparel IPOs, while a weak opening would extend the industry’s absence from Wall Street.

Reformation’s model contrasts with 2021‑era DTC brands such as Allbirds, Warby Parker, Nike, and Skims. Those firms struggled with marketing costs—Allbirds once spent 25% of revenue on marketing—while Reformation’s spend sits at 9%. The difference may prove decisive.

If the IPO exceeds expectations, it will signal a renewed appetite for direct‑to‑consumer fashion, encouraging other brands to seek public markets. A poor debut would reinforce caution, delaying future apparel listings.