Reformation files for IPO targeting billion dollar valuation

Ashley Morgan • July 21, 2026 • 2 min read

Reformation files for IPO targeting a billion dollar valuation, marking a major milestone for the sustainable apparel brand’s growth.

Reformation files for IPO targeting billion dollar valuation - reformation ipo — Reformation files for IPO targeting billion dollar valuation

Reformation Inc., the direct-to-consumer apparel brand known for its sustainability focus, is targeting a valuation of up to $1 billion as it moves forward with its initial public offering. The company plans to list on the New York Stock Exchange under the ticker symbol “REF.”

The retailer announced on July 20 that it had begun its IPO roadshow, with shares expected to price between $15 and $17. Reformation operates 70 physical stores alongside its ecommerce business, and ranks No. 343 in Digital Commerce 360’s Top 1000 Database, which tracks North America’s largest online retailers by annual ecommerce sales. The research firm projects that Reformation’s total web sales in 2026 will reach $245.51 million.

The IPO includes 14,062,500 shares of common stock, according to the retailer’s July announcement. The company first filed for the IPO in June, detailing its recent financial results and growth plans, which include ecommerce and omnichannel priorities.

The brand’s online sales date back to its launch in 2013. In its S-1 form filed with the U.S. Securities and Exchange Commission, Reformation credited ecommerce with attracting “more than 120 million visits” to its website in 2025. The filing also noted that in that year, “customers who shopped both online and in stores purchased an average of 4.8 times per year and generated 3.1 times higher annual net spend” compared to shoppers who used only ecommerce or only retail.

For its fiscal year ended Dec. 27, 2025, the firm reported $507.10 million in net revenue. Of that, $454.06 million came from direct-to-consumer sales — a category that includes both ecommerce and its own physical stores. Another $53.04 million came from wholesale and other sources.

A clothing brand that built a loyal customer base by positioning itself as eco-friendly now has to prove it can scale that niche into a public company without losing its identity. The numbers suggest the omnichannel bet is working, but the real test will be whether the stock market agrees.

Reformation is working primarily with J.P. Morgan and Morgan Stanley to manage the IPO. Additional support comes from Citigroup, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, BTIG, and Telsey Advisory Group.

The public offering arrives at a time when other apparel companies are also pursuing public listings. Tailored Brands, the owner of Men’s Wearhouse and Jos. A. Bank, is seeking to go public. Meanwhile, Shein — which attempted a U.S. IPO in 2023 and recently struck a deal to acquire the DTC brand Everlane — has shifted its focus toward a Hong Kong IPO with a valuation of $40 to $50 billion, according to the report. The company has also considered a public offering in London.