What changed
📄 REFORMATION INC.
Reformation is a sustainable womenswear brand offering timeless, modern apparel and accessories. The company operates a technology-forward, direct-to-consumer model with an agile supply chain, generating over half a billion dollars in net revenue in 2025. It focuses on product and merchandising optimization, with full-price sales consistently representing approximately 80% of DTC net revenue.
Key risk: Reliance on consumer discretionary spending, which may be adversely affected by economic uncertainty or downturns.
Proceeds: Partial repayment of term loans under the Credit Agreement, Purchase of outstanding shares of common stock in the Synthetic Secondary
Lockup: 180 days
Why it matters
Reformation is a sustainable womenswear brand offering timeless, modern apparel and accessories. The company operates a technology-forward, direct-to-consumer model with an agile supply chain, generating over half a billion dollars in net revenue in 2025. It focuses on product and merchandising optimization, with full-price sales consistently representing approximately 80% of DTC net revenue.