Direct-to-consumer (DTC) apparel brand Reformation Inc. will target a valuation of as much as $1 billion as it pursues an initial public offering, eyeing a debut on the New York Stock Exchange using the ticker symbol “REF.”
The sustainability-focused retailer, which operates 70 physical stores in addition to its ecommerce operations, announced July 20 that it had begun its IPO roadshow and expects shares to price between $15 and $17.
Reformation ranks No. 343 in Digital Commerce 360’s Top 1000 Database. The market research tool tracks North America’s largest online retailers by their annual ecommerce sales. Digital Commerce 360 projects that Reformation’s total web sales in 2026 will reach $245.51 million.
What Reformation shared ahead of its IPO
Reformation’s IPO includes 14,062,500 shares of common stock, according to the retailer’s July announcement. The company filed for the IPO in June, detailing its recent sales results and plans for growth, including ecommerce and omnichannel priorities.
Reformation’s online sales date back to its debut in 2013. In 2025, it credited ecommerce with attracting “more than 120 million visits” to its website in the S-1 form filed with the U.S. Securities and Exchange Commission. It noted that in 2025 its “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” when compared with shoppers that only used ecommerce or retail.
In total, the retailer reported $507.10 million in net revenue from its fiscal year ended Dec. 27, 2025. Of that revenue, it attributed $454.06 million to DTC sales, including ecommerce and its own physical stores. Another $53.04 million was associated with wholesale and other sources.
IPOs for retailers in 2026
For the IPO, Reformation is working primarily with J.P. Morgan and Morgan Stanley to manage the offering. In addition, Citigroup, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, BTIG and Telsey Advisory Group are also providing support.
The public offering comes as Men’s Wearhouse and Jos. A. Bank owner Tailored Brands also seeks to go public. In the meantime, Shein, which attempted to go public in the U.S. in 2023, has turned its efforts toward a Hong Kong IPO with a valuation of $40 to $50 billion, Reuters reported. The company, which recently reached a deal to acquire the DTC apparel brand Everlane, has also considered a public offering in London in 2024.
Shein is No. 67 in Digital Commerce 360’s Global Online Marketplaces database. That database ranks the top such marketplaces by third-party gross merchandise value (GMV).
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