Retailer Reformation closes flat in NYSE debut as CEO says company is ‘ready to scale’
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Key Points
- Retailer Reformation made its IPO on the New York Stock Exchange on Thursday under the ticker symbol “REF.”
- The company was flat in trading after pricing at $15 per share.
- It joins just a handful of consumer and retail companies that have gone public this year amid an IPO slump over the past few years.
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Reformation Inc. signage as traders work during the company’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, US, on Thursday, July 30, 2026.
Michael Nagle | Bloomberg | Getty Images
Women’s clothing retailer Reformation began trading on the New York Stock Exchange on Thursday, with the stock ending the day essentially unchanged after pricing its IPO at $15.
The company, which is trading under the ticker symbol “REF,” is offering 14,062,500 shares, putting its IPO raise at $210.9 million.
“Reformation is ready, and that is really the driving reason we’ve spent a lot of time working to build a business that redefines retail, really innovates on what the role of a brand is in the fashion space, and we’ve done a great job at that,” CEO Hali Borenstein told CNBC on Thursday. “Today, we have a foundation that is ready to scale.”
It joins just a handful of consumer and retail companies that have gone public this year amid a slump in IPOs since the 2021 boom. Reformation went public the same day as sandwich chain Jersey Mike’s, which also listed on the NYSE.
According to its S-1 fact sheet, Reformation has seen 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026. Its net revenue for the full year 2025 came in at $507.1 million, and net income was $12.6 million, including the impact of President Donald Trump’s tariffs.
As of the first quarter of 2026, the company owns 70 stores across the U.S., UK, Canada and France.
“We believe we will continue to benefit from operating within the highly fragmented fashion industry, and that we are well positioned to capitalize on growing global demand for sustainable fashion,” the company wrote in its S-1 filing.
Borenstein said Reformation’s focus in its next phase of growth is to increase its distribution with more stores, accelerate its e-commerce business, invest in category diversification and expand overseas.
She added that the retailer is seeing “really strong double-digit growth” across the U.S., with 70% of its revenue coming from outside of New York and California.
Reformation also said it saw more than 1 million active customers across its direct-to-consumer channel in 2025. The majority of its customers, 70%, are aged between 25 and 50 years old.
Borenstein told CNBC’s “ Morning Call” that the company’s customer base is diverse, with 20% of new customers last year under the age of 25 and 20% over the age of 50.
She added that the company’s average consumer makes over $100,000 in a year, making it more insulated from macroeconomic pressures hitting other retailers.
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Reformation CEO says retailer is ‘ready’ for the public markets
Despite tariff and trade uncertainty, Borenstein told CNBC the company has a “good track record” of navigating the macro backdrop, with 34% of its units last year coming from North America.
“We are really focused on two things: our brand and our product. We think those are the winning recipes for consumers, so Reformation has a brand that cuts through,” Borenstein said.
The IPO is backed by J.P. Morgan, Morgan Stanley, Citigroup and RBC Capital Markets.
As the company embarks on its public journey, Borenstein said she’ll define success as the way that Reformation makes its customers feel.
“Today is the first day,” she said. “It’s a long journey ahead, and at Reformation, we have very big goals. We’re ambitious, and so where we are really focused is on building a once-in-a-generation type brand.”
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