Apparel Brand Reformation Aims for $239 Million in IPO

The company and its investors plan to market roughly 14 million shares at a range of $15 to $17 apiece, Reformation said in a Monday (July 20) Securities and Exchange Commission (SEC) filing, giving it a market value of up to $1 billion.

The 17-year-old company’s initial public offering (IPO) is expected to price July 29, Bloomberg News reported, citing a market presentation.

“We built Reformation to challenge the conventional fashion model and reimagine how brands interact and engage with consumers,” the company said in the filing. “Our business stands in contrast to traditional retail businesses that can often be characterized by limited direct connection to the customer, imprecise product forecasting and merchandising, frequent promotions, long manufacturing lead times, and slow technological adoption.”

Reformation took in around 90% of its revenue last year via its direct-to-consumer (D2C) channel. The company said it surpassed 1 million active customers across its D2C channel during 2025 and had about 1.14 million as of March 28, according to the filing.

Under risk factors, the company listed the potential for a downturn in consumer spending, as well as the impact of ongoing U.S. tariffs.

PYMNTS examined the challenges facing brands in the D2C space this month after Nike reported a 12% drop in digital sales. The shorthand of D2C could arguably boil down to selling through a brand’s own website or brick-and-mortar location. But in the larger picture, the model depends on controlling the customer relationship.

“Consumer brands poured resources into owned channels, betting that higher margins, richer customer data and stronger loyalty would outweigh the costs of acquiring customers themselves,” PYMNTS reported July 2. “Recent events across retail suggest that calculation is changing. Several of the companies that helped define the D2C era have spent the past few years abandoning the idea that growth depends on steering every customer into owned channels.”

The report cited the example of mattress seller Casper, which agreed to go private following years of struggling to generate sustainable returns as a public company. Meanwhile, SmileDirectClub entered bankruptcy, and, most recently, Allbirds announced it was selling off its assets in a pivot to artificial intelligence.

“While each company faced its own challenges, together they illustrate a broader lesson,” the report said. “Building a recognizable brand and building an efficient distribution model are not necessarily the same exercise.”