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(Bloomberg) — Reformation Inc., a sustainable womenswear brand backed by private equity firm Permira, closed barely changed in its trading debut Thursday, after the company raised $210.9 million in a listing that priced at the bottom of its marketed range.

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The Vernon, California-based company’s shares closed at $15.08 each, versus an IPO price of $15. The trading gives Reformation a market value of about $890.9 million, based on the outstanding shares in its filings.

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It had marketed 9.48 million shares, and the selling backers offered 4.58 million, for $15 to $17 apiece. Permira was expected to beneficially own approximately 49% of the outstanding shares following the IPO. Founder Yael Aflalo’s family trust has about 20% of the shares.

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Founded in 2009, the company touts a sustainable supply chain with a technology-forward shopping experience. The company generated roughly 90% of its 2025 revenue from its direct-to-consumer channel. Reformation passed one million active customers across its DTC channel last year and had about 1.14 million as of March 28, a filing showed. 

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It currently operates 70 brick-and-mortar stores, with plans to more than double that number over the next five years, in its existing four countries of the US, UK, Canada and most recently France, Chief Executive Officer Hali Borenstein told Bloomberg News in an interview.

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The company had a net loss of $12.1 million on revenue of $112.3 million in the 13 weeks ending March 28, compared with a net loss of $5.6 million on revenue of $86.1 million in a comparable period a year earlier. The company generated gross margin of 70% for the period, which was positively impacted by approximately 900 basis points due to tariff refunds.

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Reformation has delivered 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026, its filings show. In 2025, it reported annual net revenue of $507.1 million, representing a 19% compound annual growth rate from 2023.

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The IPO was led by JPMorgan Chase & Co. and Morgan Stanley. The company’s shares trade on the New York Stock Exchange under the symbol REF.

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—With assistance from Georgie McKay.

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(Updates with closing shares in first two paragraphs, CEO comments from fifth paragraph.)

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