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Reformation$REF · filed: 🫧 Edgar looked up Reformation Inc. ($REF). Last filing: 10-QCheck ▾Close ▴
What Reformation filed
🫧 Edgar looked up Reformation Inc. ($REF). Last filing: 10-Q, 2026-11-06. 3 event filings (8-K) in the past twelve months. Every figure links to the filing it came from on Reformation’s card.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Reformation's IPO tests whether DTC profitability can command premium multiples in a sector down **34%** on peer valuations since 2021.
$847 billion
since the sector peak in November 2021
$350 million
in revenue over the trailing twelve months
4.2x
trailing revenue
6.4x
two years prior
Reformation has filed confidentially for an initial public offering, entering a market that has reduced retail apparel valuations by $847 billion since the sector peak in November 2021. The Los Angeles-based direct-to-consumer brand, which generated an estimated $350 million in revenue over the trailing twelve months, is moving toward public markets while comparable DTC apparel names trade at 4.2x trailing revenue, down from 6.4x two years prior.
The filing arrives during a period of structural re-rating across specialty retail. Public apparel peers including Revolve Group and Nordstrom have seen market capitalizations contract by 31% to 48% year-over-year, while discretionary spend growth among Reformation's core demographic—women aged 25 to 40 with household incomes above $125,000—has decelerated to 1.8% quarterly growth from 6.3% in early 2022. The company's sustainability positioning, which differentiates product through carbon-neutral supply chain practices, has not insulated similar names from multiple compression. Allbirds, another sustainability-focused DTC brand, trades at 0.9x revenue after debuting at 5.1x in 2021.
Reformation's path to market will test whether profitability can command premium valuations in a reset environment. The brand operates 38 retail stores across North America and generates approximately 60% of revenue through its owned digital channel, a margin structure that supports unit economics but raises questions about growth durability as customer acquisition costs have risen 22% industry-wide since mid-2022. Underwriters will need to navigate a narrow window: retail IPOs have raised $2.1 billion year-to-date, down 67% from the comparable 2021 period, and only two apparel offerings have priced above range in the past eighteen months.
Allocators should monitor three developments. First, Reformation's S-1 disclosure, expected within 45 to 60 days, will reveal profitability metrics and the dilution structure—comparable DTC names that filed with EBITDA margins below 8% repriced offerings by an average of 18%. Second, holiday quarter performance data for peer retailers, due late January, will establish the baseline for consumer discretionary momentum heading into Reformation's roadshow period. Third, any repricing of Revolve Group or similar names through January earnings season will reset the comp-set multiples that anchor Reformation's valuation range. The company's banking syndicate, not yet publicly disclosed, will need to price around these data points rather than through them.
The filing does not yet include a proposed ticker or exchange selection, but the deal size is estimated in the $400 million to $600 million range based on the brand's private market capitalization of approximately $1.5 billion following its Series E round in early 2022. That round was led by Permira and valued the business at 4.3x forward revenue, a multiple no longer available in the public market without material earnings visibility.
Branded by POPS4 · proof in 60 seconds
For the principal
Monitor S-1 disclosure in 45-60 days for dilution structure; comparable DTC names with sub-8% EBITDA repriced 18% below range.
For the operator
Track Revolve and peer earnings late January; any multiple reset will anchor Reformation's roadshow range and limit pricing flexibility.
For the house
Short-side positioning in RVLV and comparable DTC names ahead of earnings season; Reformation's filing pressure-tests sector sentiment floor.
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