Women's clothing brand Reformation (REF.US), which focuses on the DTC model, set the US IPO price at $15, which is at the lower end of the price range

The Zhitong Finance App learned that with DTC (direct-to-consumer) business as its focus in recent years, the American women's clothing brand Reformation, which has 70 stores, plans to issue 14.1 million shares at a price of 15 US dollars per share. It is expected to raise 211 million US dollars in capital in the US stock market, and the issue price is at the lower end of the price range of 15 to 17 US dollars. At issue price, the company's fully diluted market capitalization is $973 million.

According to information, Reformation started in the dress business in 2009 and claims to be the world's largest sustainable womenswear brand. Since then, the company has expanded its product range to include a complete clothing product line including bottoms, tops, knitwear, and accessories. The company said it uses data-driven product planning and agile manufacturing models to produce new models in small batches and test them twice a week on its website and once in stores. Reformation has a large production site and distribution center in Los Angeles, which the company says makes its delivery cycle far superior to the normal level of the industry. In addition to 66 stores, the company is also obtaining increasingly strong revenue data through direct online marketing channels to consumers.

From 2015 to 2025, the company's net revenue compound annual growth rate (CAGR) reached 34%, with net revenue exceeding US$500 million and more than 1 million active users, while maintaining strong profit margins. In 2026, the company's growth momentum is still strong, and the net revenue data for the first quarter of 2026 is expected to increase significantly by 30% compared to the first quarter of 2025. In the July 2025 customer survey, 77% of active customers listed Reformation as one of their favorite brands or their all-time favorite. Furthermore, by 2025, nearly 70% of the company's DTC net revenue data came from repeat customers.

The Vernon, California-based company will be publicly traded on the New York Stock Exchange, with the proposed stock code “REF.” J.P. Morgan Chase, Morgan Stanley, Citi, Royal Bank of Canada Capital Markets, Guggenheim Securities, Baird, William Blair, and BTIG acted as joint bookkeepers for this US stock IPO transaction.