US-based womenswear retailer Reformation has filed paperwork for a planned listing on the New York Stock Exchange (NYSE).
The registration statement was submitted to the US Securities and Exchange Commission.
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Supported by UK private equity entity Permira, Reformation plans to trade under the ticker REF.
Founded in 2009, the clothing company operates 70 stores across the US, UK, Canada and France. It also sells to customers in more than 150 countries through its e-commerce platform.
Direct-to-consumer sales accounted for 90% of 2025 net revenue.
The company said it surpassed one million active customers last year and reached 1.14 million by late March.
Reformation reported revenue of $507.1m for the year ended 27 December 2025, up from $438.2m in the previous period. Net profit fell to $12.6m from $33m.
For the first quarter to 28 March, the company posted a net loss of $12.1m on revenue of $112.3m. A year earlier, it recorded a net loss of $5.6m on revenue of $86.1m.
First-quarter gross margin was 70.3%, partly reflecting tariff refunds. Reformation also reported positive net income in each year from 2023 to 2025.
JPMorgan Chase and Morgan Stanley are acting as joint lead bookrunning managers. Citigroup and RBC Capital Markets are joint bookrunning managers.
Guggenheim Securities, Baird, William Blair and BTIG are additional bookrunning managers, and Telsey Advisory Group is co-manager.
The share count and price range have not yet been set.
The registration statement is not effective, and the initial public offering (IPO) remains subject to market conditions.
