Sustainable fashion label Reformation announced on Monday that it has filed for an initial public offering with the U.S. Securities and Exchange Commission. The company plans to list on the New York Stock Exchange under the ticker symbol "REF". It intends to offer approximately 15 million shares of common stock, with an expected price range between $18 and $21 per share.
Reformation disclosed in its prospectus that for the twelve months ended May 31, 2026, the company generated revenue of approximately $650 million, representing growth of about 20% year-over-year, with net profit around $50 million. The company stated that the funds raised from the listing will primarily be used to expand its retail network, enhance supply chain sustainability, and repay existing debt.
Founded in 2009 and headquartered in Los Angeles, Reformation's brand is built around sustainable fashion, emphasizing eco-friendly fabrics, transparent pricing, and carbon-neutral operations. The company primarily sells women's apparel, footwear, and accessories through its direct-to-consumer e-commerce channel and operates approximately 30 physical stores in major U.S. cities.
Sustainability is a central selling point for the brand. The prospectus indicates that over 90% of the company's products use sustainable materials, such as recycled fibers, Tencel, and linen, and its logistics and operations are carbon neutral. The company plans to allocate a portion of the IPO proceeds to expand research and development of recycled materials and establish regional production facilities to shorten the supply chain and reduce its carbon footprint.
The IPO is being underwritten by Goldman Sachs, Morgan Stanley, and Barclays. Reformation expects to price the offering and begin trading in mid-August 2026. The company is among the first consumer brands to launch its public offering in 2026, and its market debut will serve as a key indicator of investor interest in the sustainable consumer goods sector.
News of the IPO filing boosted Reformation's private market share price by approximately 5% in secondary market trading. The company's founders stated that the public listing will help Reformation expand the reach of its sustainable mission and accelerate progress toward its environmental goals across the entire supply chain.
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