Reformation is a Los Angeles-based sustainable women's fashion brand founded in 2009 by Yael Aflalo. It designs and sells dresses, denim, tops, knitwear, shoes, handbags and bridal, emphasising lower-impact fabrics and carbon-neutral operations. Reformation sells mainly direct-to-consumer through thereformation.com and roughly 66 retail stores, with select wholesale partnerships. Permira acquired a majority stake in 2019 and Hali Borenstein has been CEO since 2020. Net revenue reached $507.1 million in 2025. The company listed on the New York Stock Exchange under the ticker REF on 30 July 2026, valued at about $886 million at its debut.
Reformation is publicly traded
This company is no longer available on our private secondary market. Shares can be traded publicly under its listed ticker.
Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Founded
2009
Employees
1,001–5,000
Total Funding
$37M
2 rounds
Completed NYSE IPO under ticker REF at $15.00 per share, 14,062,500 shares for about $210.9M gross; trading began 30 July 2026
Now publicly traded; private-market valuation superseded by the REF share price
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Total raised $37M across 2 rounds
Last updated 09-30-2026
| Date | Round | Amount Raised | Valuation | Lead Investors |
|---|---|---|---|---|
| Dec 14, 2017 | Series B | $25M | — | Stripes Group |
| Apr 2, 2015 | Series A | $12M | — | Stripes Group |
Competitor list is illustrative and may be incomplete, stale, or erroneous.
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Reformation completed its initial public offering on 30 July 2026, listing on the New York Stock Exchange under the ticker REF at $15.00 per share - the bottom of its $15-$17 marketed range - for gross proceeds of about $210.9 million across newly issued and selling-stockholder shares. Shares opened flat at the offer price and the company was valued at roughly $886 million at its debut. Permira, majority owner since 2019, took a partial exit and remains a large shareholder, while Hali Borenstein continues as chief executive.
Reformation shares can be purchased through any standard brokerage account — including Fidelity, Charles Schwab, TD Ameritrade, and online platforms like Robinhood or E*TRADE. Search for the ticker to place an order.
Reformation raised $37M across 2 disclosed funding rounds prior to its public listing.
Reformation was founded by Yael Aflalo in 2009.
Reformation is headquartered in Los Angeles, CA, USA.
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