Retailer Reformation opens flat in NYSE debut as CEO says company is 'ready to scale'
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- Reformation began trading on the NYSE under ticker "REF" at $15 per share, with stock essentially unchanged at the open on Thursday
- Reformation's IPO offered 14,062,500 shares, raising $210.9 million and backed by J.P. Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets
- Reformation posted 20 consecutive quarters of double-digit net revenue growth through Q1 2026, reporting $507.1 million in 2025 net revenue and $12.6 million in net income, including tariff impacts
- CEO Hali Borenstein told CNBC the company is "ready to scale," with next-phase growth focused on more stores, accelerated e-commerce, category diversification, and overseas expansion
- Reformation operates 70 stores across the U.S., UK, Canada, and France and counted more than 1 million active direct-to-consumer customers in 2025
- Reformation went public the same day as sandwich chain Jersey Mike's, which also listed on the NYSE — a rare double consumer IPO on a single session
- Reformation's average consumer earns over $100,000 a year, with 70% of customers aged 25-50 and 70% of U.S. revenue coming from outside New York and California
Why it matters: Reformation joins only a handful of consumer and retail IPOs this year amid a slump since the 2021 boom, yet it arrives with 20 straight quarters of double-digit revenue growth and a customer base averaging $100K+ in income that Borenstein says insulates the brand from macro pressures hitting other retailers. Same-day listing alongside Jersey Mike's underscores renewed, if tentative, appetite for consumer offerings despite tariff uncertainty baked into its 2025 results.
