Yesterday, Hali Borenstein watched Reformation’s stock open from the trading floor of the New York Stock Exchange. It was a milestone moment and a long ways to come for the CEO, who took over the clothing brand in 2020 during a moment of crisis.
Reformation was founded in 2009 by Yael Aflalo, who stepped down as CEO in 2020 (Aflalo, who still sits on the board, wasn’t there yesterday but joined on Friday). The brand became known for its dresses, but these days sells a wide assortment of products; 77% of active customers say Reformation is one of their favorite brands or their all-time favorite, it reports. Another stat of note, in the competitive world of retail: 80% of Reformation’s direct-to-consumer revenue in the past four years came from full-price sales, not discounting.
Borenstein has spent the past six years “really figuring out how big of an opportunity Reformation could be,” she told me yesterday afternoon. She—and Permira, the private-equity firm that acquired a 65% controlling interest in Reformation in 2019—determined that the opportunity was huge. Post-IPO, the brand plans to double its store count and pursue international growth.
Reformation opened, and closed, flat at its IPO price of $15 yesterday. The company raised $210.9 million in its listing, with a market value of about $890 million. Its IPO was a bit overshadowed by Jersey Mike’s, which listed the same day and took over the NYSE and the opening bell on Thursday; Reformation got a delayed celebration on Friday. But as seen throughout its roadshow, Reformation is OK with doing things its own way.
As the clothing brand told its story to investors, it created a Big Short-style video, with models in bathtubs making the argument for why investors should buy $REF. Even its S-1—the usually stodgy SEC filing companies must make before going public—incorporated the famous Ref brand voice, usually seen in attention-grabbing email marketing subject lines. A typical aside: “As of June 22, 2026, we had approximately 4 million followers across social media platforms, approximately 3 million email subscribers, and consistently spot mega celebrities like Taylor Swift, Jennifer Aniston, Jennifer Lopez, Kendall Jenner, and Hailey Bieber wearing Ref (thanks ladies).”
“It was really obvious for us because we know that we have something that’s really strong. It’s really unique,” Borenstein told me of the decision to be the same Ref with its customers and with Wall Street.
For a masterclass in weaving brand voice through absolutely everything, you can browse Ref’s S-1 here. And while fashion IPOs have not been huge successes in recent years (from Rent the Runway to Allbirds), maybe Reformation can be different. “Our intention is always to reposition the role of the fashion brand,” Borenstein says, “and make it more modern.”
Emma Hinchliffe
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"I told myself this year I was going to be a lot more intentional with celebrating each win, so I’m trying to be in the moment."
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