Private equity-backed womenswear retailer Reformation on Thursday reported a rise in annual revenue in its U.S. initial public offering filing.
The Vernon, California-based company posted revenue of $507.1 million for the year ended December 27, 2025, up from $438.2 million a year earlier, while net profit fell to $12.6 million from $33 million.
The U.S. IPO market has seen a resurgence in activity with a flurry of companies coming forward to list their shares to tap growing investor confidence, after a brief quiet period in March.
Founded in 2009 as a vintage clothing boutique in Los Angeles, Reformation markets itself as a sustainable fashion brand that designs and sells women's apparel and accessories through its direct-to-consumer channels, including e-commerce and retail stores.
The brand has benefited from visibility among high-profile celebrities, with figures such as Taylor Swift and Kendall Jenner seen wearing its designs.
The business generates about 90% of its sales directly through its direct-to-consumer channels, with repeat buyers accounting for the majority of revenue, the filing said.
Private equity firm Permira acquired a majority stake in Reformation in 2019 and will continue to exercise significant influence over the company after its planned IPO, it added.
The retailer plans to use a portion of the proceeds to repay debt and repurchase shares from certain existing investors.
J.P. Morgan, Morgan Stanley, Citigroup and RBC Capital Markets are among the underwriters for the offering.
It intends to list its shares on the NYSE under the symbol "REF".
