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Reformation IPO prices at $15 per share ahead of NYSE debut
The offering values Reformation at 1.5 times 2027 expected sales and the stock is set to begin trading on the New York Stock Exchange on Thursday.
Reformation Inc. priced its initial public offering at $15 per share on Wednesday, according to Yahoo Finance. Shares are expected to begin trading Thursday on the New York Stock Exchange under the ticker REF.
Yahoo Finance said the valuation implies roughly 1.5 times 2027 expected sales, a multiple described as lower than Aritzia Inc. and Ralph Lauren Corp. The publication also characterized Reformation as having grown to more than $500 million in sales last year after starting in Los Angeles in 2009 with an emphasis on sustainability and vintage retail.
The company has reported 21 consecutive quarters of double-digit revenue growth, Yahoo Finance added. It also cited customer retention, saying 70% of 2025 direct-to-consumer revenue came from repeat customers.
Yahoo Finance further pointed to survey data in support of that loyalty, including that 84% of active customers feel confident wearing the brand and 77% list Reformation as a favorite or all-time favorite brand, while noting Reformation has expanded beyond dresses into tops, bottoms, denim, shoes, and accessories.