Reformation CEO Hali Borenstein said the sustainable fashion retailer is ready for the public markets ahead of its initial public offering.
The move signals a significant transition for the brand as it seeks to scale its operations and capitalize on a perceived recovery in consumer spending. A successful listing would provide the company with a public valuation and the capital necessary to accelerate its global footprint.
During an interview on CNBC with Morgan Brennan, Borenstein said the company is positioned well for a public listing. She cited the resilience of the consumer and the company's current growth strategy as primary drivers for the timing [1]. The brand is focusing on international expansion to broaden its reach beyond its existing markets [1].
Financial filings provide a glimpse into the company's scale as it prepares for the transition. Reformation reported net revenue of $507.1 million [2] for fiscal 2025. To support its operations shortly before filing, the company borrowed $92 million [2] through a term loan.
The company has selected "REF" [2] as its ticker for the upcoming listing on the New York Stock Exchange. This move follows a period of strategic scaling and a focus on maintaining its identity as a sustainable alternative in the fast-fashion dominated retail landscape.
Borenstein said the company's readiness is a result of its disciplined approach to growth. The transition to a public company will require the retailer to maintain its sustainability standards, and meet the quarterly financial expectations of public shareholders.
“Reformation is 'ready' for the public markets”
Reformation's move toward an IPO reflects a broader trend of 'conscious' consumer brands attempting to prove that sustainability can scale within the constraints of public market expectations. By securing a $92 million loan and reporting over $500 million in revenue, the company is signaling that it has the financial infrastructure to support the transparency and growth demands of the NYSE.
