Reformation, the Permira-backed womenswear brand that markets itself on sustainable design, is targeting a valuation of up to $1B in its U.S. initial public offering. Reformation and some selling shareholders are offering 14.1M shares priced between $15 and $17 apiece to raise as much as $239.1M, with plans to trade on the NYSE under the ticker REF. J.P. Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets are leading the deal. Roughly 90% of sales come through direct-to-consumer channels, which gives the brand tighter control over pricing, merchandising, and inventory than wholesale-dependent rivals, though IPOX vice president Kat Liu cautioned that DTC alone is no longer a differentiator. Permira, which bought a majority stake in 2019, keeps significant influence after the listing.
