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Reformation Inc. signage as traders work during the company's initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, US, on Thursday, July 30, 2026.
Michael Nagle | Bloomberg | Getty Images
Women's clothing retailer Reformation began trading on the New York Stock Exchange on Thursday at $15 per share after pricing its IPO at $15.
The company, which is trading under the ticker symbol "REF," is offering 14,062,500 shares, putting its IPO raise at $210.9 million.
It joins just a handful of consumer and retail companies that have gone public this year amid a slump in IPOs since the 2021 boom. Reformation went public the same day as sandwich chain Jersey Mike's, which also listed on the NYSE.
According to its S-1 fact sheet, Reformation has seen 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026. Its net revenue for the full year 2025 came in at $507.1 million, and net income was $12.6 million, including the impact of President Donald Trump's tariffs.
As of the first quarter of 2026, the company owns 70 stores across the U.S., UK, Canada and France.
"We believe we will continue to benefit from operating within the highly fragmented fashion industry, and that we are well positioned to capitalize on growing global demand for sustainable fashion," the company wrote in its S-1 filing.
Reformation also said it saw more than 1 million active customers across its direct-to-consumer channel in 2025. The majority of its customers, 70%, are aged between 25 and 50 years old.
CEO Hali Borenstein told CNBC's "Morning Call" that the company's customer base is diverse, with 20% of new customers last year under the age of 25 and 20% over the age of 50.
She added that the company's average consumer makes over $100,000 in a year, making it more insulated from macroeconomic pressures hitting other retailers.
The IPO is backed by J.P. Morgan, Morgan Stanley, Citigroup and RBC Capital Markets.
