1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. What does Reformation Inc. do?
3. Valuation
Discussion
Symbol
REF
Event Date
2026-07-30
Offer Range
$15.00-$17.00
Shares Offered
14.06M
Shares Outstanding Pre-IPO
49.79M
59.08M
$1.2B
23.8%
Implied Upside vs Midpoint
Description
Hi. We’re Reformation, the largest sustainable womenswear brand on the planet (that we know of, anyways). Since 2009, we’ve been on a mission to bring beautiful, sustainable fashion to everyone and look damn good doing it. We make timeless, modern apparel and accessories that instill confidence and generate deep brand love from our loyal customers spanning generations and geographies. Our goal is to have a positive impact on people and the planet and prove that it’s possible to build a global fashion brand that delivers both impressive financial and environmental results. From 2015 to 2025, we grew net revenue at a compound annual growth rate (“CAGR”) of 34%, reaching over half a billion dollars of net revenue and over one million Active Customers, all while boasting strong margins. In 2026, our momentum has continued, with net revenue growing 30% during the first quarter of 2026 compared to the first quarter of 2025. We built Reformation to challenge the conventional fashion model and reimagine how brands interact and engage with consumers. Our business stands in contrast to traditional retail businesses that can often be characterized by limited direct connection to the customer, imprecise product forecasting and merchandising, frequent promotions, long manufacturing lead times, and slow technological adoption. At Ref, we aren’t afraid to say what everyone else is thinking and do our own thing. As a result, over the last 17 years, we’ve helped pave the way for what we consider to be a smarter approach to retail. Here’s how we operate differently: • Beloved lifestyle brand — We’re known and loved for our unique brand identity, which helps us connect authentically with customers and the broader cultural zeitgeist. Our customers love us: 77% of Active Customers cited Reformation as one of their favorite brands or their all-time favorite brand in our July 2025 Customer Survey and, in 2025, nearly 70% of our direct-to-consumer (“DTC”) net revenue came from our returning customers. • Product and merchandising optimization — We make great products our customers are obsessed with across categories and occasions. Our strategy is based on 1) testing new styles in small quantities and 2) iterating on proven designs. As a result, full-price sales consistently represented approximately 80% of our DTC net revenue from 2021 to 2025. • Agile, sustainable supply chain — We have proven that speed, sustainability, and profitability can coexist in fashion. Supported by our efficient supply chain and well-defined Sustainability Framework, we maintain industry leading manufacturing lead times compared to key peers in the apparel industry, with 50% of our product arriving in our distribution center in 60 days or less for the past three years. • Technology-forward shopping experiences — We directly own the relationship with our customer with approximately 90% of our net revenue coming from our DTC channel in 2025. We leverage technology to build smarter and more elevated retail shopping experiences. For example, in 2025, our tech-enabled and patented Retail X™ store model generated approximately 8.5% higher average order value and approximately 270 basis points higher conversion compared to non-Retail X™ stores. We’re super proud of our success to date and have lofty ambitions as we continue on our mission to “bring sustainable fashion to everyone.” We operate within the highly fragmented fashion industry, while also benefiting from increased consumer demand for sustainable fashion. With less than 1% customer penetration of our core U.S. addressable market today, we believe we are well positioned to capture significant growth over the long term. Our path forward is clear: we intend to grow by deploying the same strategies that helped get us to where we are today. Specifically, that means increasing our distribution through both DTC and wholesale channels, expanding our product assortment within existing and new product categories, growing in international markets, and driving operational excellence. As we pursue these goals and continue building an industry-leading lifestyle brand, we will define success in three ways: • Customer love. We’re proud to have a highly desirable, loyal, and growing customer base. Our goal is to continue acquiring new customers as we grow brand awareness and geographic reach, while retaining longtime fans of the brand. We believe the strength of our customer retention and repeat purchasing behavior has contributed to a durable and repeatable revenue base over time. • Sustainability outcomes. We believe companies should also be accountable for their environmental impact, so we aim to continue to set a high standard for sustainability in the fashion industry as we scale. • Financial performance. Most of the time we don’t take ourselves too seriously, but when it comes to financial performance, we operate with rigor and commitment to our stakeholders. This has enabled us to effectively deliver topline growth and profitability that we will strive to build on in the decades to come. All of this adds up to some pretty great results, if we do say so ourselves. We’ve achieved: • A strong customer base. In 2025, we surpassed one million Active Customers across our DTC channel and have approximately 1,140,000 Active Customers as of March 28, 2026. • Steady net revenue growth. In 2025, we reported net revenue of $507.1 million, representing a 19% CAGR from 2023. And, in the first quarter of 2026, we reported net revenue of $112.3 million compared to $86.1 million in the first quarter of 2025, a 30.4% increase year-over-year. That means we’ve delivered 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026. • Strong gross margins. From 2021 to 2024, we consistently generated gross margins of 64.0% or more. In 2025, we generated a gross margin of 60.2%, which was negatively impacted by 360 basis points due to the impact of the IEEPA tariffs. During the first quarter of 2026, we generated a gross margin of 70.3%, which was positively impacted by approximately 900 basis points resulting from the refund of the IEEPA tariffs. • Sustained profitability. We have generated positive net income from 2018 to 2025, with the exception of 2020 due to the impact of the COVID-19 pandemic. In 2025, we generated $12.6 million of net income, inclusive of the impact of IEEPA tariffs. • Robust Adjusted EBITDA. In 2025, we generated $45.0 million in Adjusted EBITDA, which represented 8.9% of net revenue, and in the first quarter of 2026, we incurred $(12.1) million in net loss and generated $15.9 million in Adjusted EBITDA, which represented 14.1% of net revenue and reflected a 1,450 basis point improvement from the first quarter of 2025. The quarter-over-quarter improvement includes approximately 900 basis points resulting from the refund recorded for IEEPA tariffs that were recognized in cost of goods sold in 2025. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. For further information about how we calculate Adjusted EBITDA and Adjusted EBITDA margin (including limitations of their use and reconciliation to the most comparable GAAP measures). Adjusted EBITDA margin is Adjusted EBITDA as a percentage of total net revenue. --- Reformation was founded in 2009, and REF Topco, Inc. was incorporated as a Delaware corporation in 2019 in connection with the acquisition by Permira of a majority interest in us. We changed our name to Reformation Inc. on April 11, 2025. Our principal offices are located at 5801 S. 2nd St., Vernon, California 90058. Our telephone number is (213) 282-2025. We maintain a website at www.thereformation.com.