Women's fashion brand Reformation (REF.US), focusing on the DTC model, sets its US IPO offering price at $15, at the lower end of the price range.

According to information from Zhitong Finance APP, the US women's fashion brand Reformation, which has focused on DTC (direct-to-consumer) business operations in recent years and owns 70 stores, plans to issue 14.1 million shares at a price of $15 per share, expecting to raise $211 million on the US stock market. The issue price is at the lower end of the $15 to $17 range. Based on the issue price, the company’s fully diluted market value is $973 million.

It is understood that Reformation started as a dress business in 2009 and claims to be the world’s largest sustainable women’s fashion brand. Since then, the company has expanded its product range to a full apparel line including bottoms, tops, knitwear, and accessories. The company states that it uses data-driven merchandise planning and an agile manufacturing model, producing new styles in small batches and testing them twice a week on its website and once in stores. Reformation has a large production facility and distribution center in Los Angeles, which the company says enables its delivery cycle to far exceed typical industry standards. In addition to its 66 stores, the company has achieved increasingly strong revenue figures through online direct-to-consumer marketing channels.

From 2015 to 2025, the company’s compound annual growth rate (CAGR) for net revenue reached 34%, with net revenue exceeding $500 million and over 1 million active users, all while maintaining strong profit margins. In 2026, the company's growth momentum remains robust, with net revenue for Q1 2026 expected to increase by 30% over Q1 2025. In a customer survey conducted in July 2025, 77% of active customers ranked Reformation as one of their favorite brands or their all-time favorite brand. Additionally, by 2025, nearly 70% of the company’s DTC net revenue will come from repeat customers.

This California-based company headquartered in Vernon will be publicly traded on the New York Stock Exchange under the ticker symbol “REF.” JPMorgan, Morgan Stanley, Citi, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, and BTIG are acting as joint bookrunners for this US IPO transaction.