Womenswear retailer Reformation files for IPO

July 20 (Reuters) - Permira-backed womenswear retailer Reformation is targeting a valuation of up to $1 billion in its U.S. initial public offering, marking a rare ​public-market foray for a fashion brand in recent years.

• The Vernon, California-based ‌company said on Monday it and some of its selling shareholders aim to raise up to $239.1 million in the IPO by offering 14.1 million shares priced between $15 and $17 each.
• Employees:    1261 
• Founded:    2009 
• http://www.thereformation.com/ 

Name of issuer:	Reformation Inc.
Last filed shares:	14,062,500
Last filed price:	$15.00 - $17.00

Industry:    APPAREL - Women's Juniors & Misses Outerwear
Market Cap    $945.28mil
Revenues    $533.31 mil (last 12 months)
Net Income    $-5.06 mil (last 12 months)

 

Founder Yael Aflalo 

 

 

Kendall Jenner wears Reformation dress in NYC
 

Founded in 2009 as a vintage clothing boutique in Los Angeles, Reformation was acquired by private equity firm Permira in 2019, which is expected to retain a significant stake following the IPO.

The brand describes itself as the world's largest sustainable womenswear brand. It operates 70 stores across the US, UK, Canada and France, while serving customers in more than 150 countries through its e-commerce business. Around 90% of sales are generated through its direct-to-consumer channels.

A public listing has been under consideration for several years. Bloomberg reported in May 2023 that Reformation was exploring an IPO after annual revenue surpassed $300 million.

More recently, revenue for the year ended 27 December 2025 rose to $507.1 million from $438.2 million a year earlier, while net profit declined to $12.6 million from $33 million. Gross margin for 2025 was 60.2%, down 360 basis points due to IEEPA tariffs.

McAfee (MCFE)

McAfee Corp. (Nasdaq: MCFE) went public on the NASDAQ in October 2020, raising $740 million in its IPO with a valuation of about $8.6 billion. The stock traded publicly until March 1, 2022, when McAfee was acquired by an investor group led by Advent International, including Permira, Crosspoint Capital, Canada Pension Plan Investment Board, GIC Private Limited, and Abu Dhabi Investment Authority, in a $14 billion all-cash deal at $26 per share.  

As a result of this acquisition, McAfee was taken private, and its shares were delisted from the NASDAQ, meaning MCFE is no longer publicly traded. The last recorded trade was on April 28, 2022, with a share price of $25.99 as of March 10, 2022, and a market capitalization of approximately $4.9 billion.

Permira completes $1.6B Ancestry.com acquisition

Genealogy website Ancestry.com (Nasdaq: ACOM) is being sold to the European private-equity firm Permira, for $1.6 billion, a 40 percent increase since the company first began chasing private equity interest in July. 

UK private equity giant Permira Advisers said it had completed the $1.6 billion acquisition of Ancestry.com (NASDAQ:ACOM), the most popular genealogy websites.

Shareholders of the Provo, Utah-based Ancestry.com approved the deal on Thursday.

The company claims to maintain more than 11 billion records included in 41 million family trees compiled by its 2 million subscribers.

Permira, with capital exceeding $30 billion, made its $32-a-share offer for Ancestry.com in late October. That was 41 percent above the price at which management announced it was putting the company up for sale on June 5.

Ancestry.com CEO Timothy Sullivan and other senior managers will remain with the company. They said under Permira ownership, there will be funds to expand in Europe and expand their business. The company was advised by Qatalyst Partners in the sale.

Other sites in the genealogy sector include private MyHeritage.com of Israel, a venture capital-backed company that last month acquired Geni.com. MyHeritage.com also has a U.S. office in Provo.