Reformation
Publicly listed (NYSE: REF) · United States
Reformation is a Los Angeles womenswear brand founded in 2009 by Yael Aflalo that built its identity around lower impact materials and limited production runs. Permira acquired a majority stake in 2019, and the company listed on the New York Stock Exchange under the ticker REF in July 2026. Hali Borenstein has been chief executive since 2020.
| Founded | 2009 |
|---|---|
| Founder | Yael Aflalo |
| CEO | Hali Borenstein (since 2020) |
| Listing | NYSE: REF (since July 2026) |
| Major shareholder | Permira (majority since 2019) |
| Headquarters | Los Angeles, United States |
| Website | thereformation.com |
What is Reformation?
Reformation is an American fashion brand selling womenswear, shoes, bags and denim, with a mission it describes as bringing sustainable fashion to everyone. It releases new limited edition collections weekly and manufactures both in its own Los Angeles factory and with partner factories worldwide.
History
The brand was founded in 2009 by Yael Aflalo, who started by reworking vintage clothing. Private equity firm Permira acquired a majority stake in 2019. Aflalo stepped down as chief executive in June 2020 after former employees made allegations about the workplace culture. Hali Borenstein, who joined in 2014 as director of merchandising and became president in 2017, was confirmed as chief executive in 2020. Reformation filed for an initial public offering in June 2026 and began trading on the New York Stock Exchange on 30 July 2026, pricing at 15 dollars per share and raising about 211 million dollars, according to Quartz.
Products and positioning
Reformation occupies the premium segment, known for dresses, knitwear and denim with a strong fit focus. Key sustainability tools and programmes include:
- RefScale, which tracks the environmental footprint of products
- Ref Fiber Standards that grade materials by impact
- Happy Endings resale and recycling for US customers
- A target to be circular by 2030
Business model and distribution
The company is predominantly direct to consumer. FashionUnited reported that about 90 per cent of sales come through its own channels and that it operated around 70 stores at the time of its IPO filing. Net revenue was 507.1 million dollars for the year to 27 December 2025, up from 438.2 million dollars the year before.
Why it matters
Reformation is one of the few digital native fashion brands to reach a public listing in the mid 2020s, making it a benchmark for investors weighing sustainability positioning, store expansion and DTC profitability. Its reporting as a listed company will offer rare transparency on how such a model performs at scale.
Frequently asked questions
Who owns Reformation?
Reformation listed on the New York Stock Exchange in July 2026 under the ticker REF. Before the IPO, private equity firm Permira had held a majority stake since 2019. The founder and early backers retained smaller holdings.
Is Reformation a sustainable brand?
Reformation positions itself as a sustainability led brand, using lower impact materials, limited production runs and its RefScale footprint tracking. It publishes a sustainability report and aims to be circular by 2030. These claims are the company's own targets and reporting.