Reformation, Inc. (Ticker: REF US) is a US-based apparel company focused on women’s clothing and accessories, with sustainability positioned as a core part of its brand and operating model. Founded in 2009, the company reported more than $500 million in net revenue and over one million active customers in 2025, following a 34% revenue CAGR from 2015 to 2025.

Reformation is expected to begin trading on the New York Stock Exchange on July 30, 2026, following pricing on July 29. The IPO consists of 14,062,500 shares at an indicated price range of $15.00 to $17.00 per share, implying an offer size of approximately $225 million at the midpoint. Around 67% of the base offering comprises primary shares issued by the company, while 33% consists of secondary shares sold by existing shareholders. The 2,109,375-share greenshoe is entirely secondary.

J.P. Morgan is lead-left bookrunner, with Morgan Stanley serving as joint active bookrunner and stabilization agent.