Permira-Backed Womenswear Retailer Reformation Files for US IPO

Reformation Inc. filed for a US initial public offering on June 11, 2024, with the company disclosing growing sales and a net loss for the first quarter of 2024. The sustainable womenswear brand, backed by private equity firm Permira, aims to raise an undisclosed amount through the IPO. For the three months ended March 31, 2024, Reformation reported a net loss of $1.7 million, a decrease from a net loss of $11.7 million in the same period last year. Net sales for the first quarter of 2024 increased by 11% to $110.7 million, compared to $99.6 million in the first quarter of 2023. The company's filing with the Securities and Exchange Commission (SEC) revealed that gross profit increased by 17% to $64.1 million in the first quarter of 2024, with gross profit margin rising to 57.9% from 54.9% in the prior year period. Reformation attributes its growth to increased customer acquisition and retention, alongside strategic investments in marketing and product development. The company plans to list its shares on the New York Stock Exchange under the ticker symbol "REF".