Ownership profile
Who owns Reformation?
Reformation is a sustainable womenswear brand controlled by European private equity firm Permira, which acquired a majority stake in 2019; as of June 2026 the company has filed an S-1 with the SEC to go public on the NYSE under the ticker REF, though the IPO had not yet closed as of this investigation.
Ownership profile
Reformation
Reformation Inc.
Evidence (11)
Reformation Inc. filed a Form S-1 with the SEC on June 25, 2026, for a proposed IPO on the NYSE under ticker symbol REF
https://fashionunited.uk/news/business/reformation-files-for-ipo-as-annual-revenue-hits-507-million-us-dollars/2026062988906On June 17, 2026, eight days before filing the S-1, Reformation amended its credit agreement to add $92 million in new term loans and paid out roughly $90 million in dividends to existing stockholders — a dividend recapitalization typical of PE-backed pre-IPO transactions
https://www.retailtouchpoints.com/news/six-things-to-know-about-reformations-business-as-the-company-prepares-to-go-public/620215/Reformation reported $507.1 million in net revenue for fiscal year ending December 27, 2025, up 15.7% year over year
https://fashionunited.uk/news/business/reformation-files-for-ipo-as-annual-revenue-hits-507-million-us-dollars/2026062988906Reformation was founded in 2009 by Yael Aflalo and is headquartered in Los Angeles; it operates over 70 stores across the US, UK, Canada, and France
https://fashionunited.uk/news/business/reformation-files-for-ipo-as-annual-revenue-hits-507-million-us-dollars/2026062988906Permira is listed in the IPO filing as holding 224,800 shares and will retain substantial sway over corporate decisions post-IPO
https://qz.com/reformation-ipo-nyse-womenswear-sustainable-revenue-062626A family trust controlled by founder Yael Aflalo owns 90,609 shares per the IPO filing
https://qz.com/reformation-ipo-nyse-womenswear-sustainable-revenue-062626The SEC filing was made under the legal name Reformation Inc., confirming the registered corporate entity name
https://www.sec.gov/Archives/edgar/data/0001787117/000110465926036252/filename1.htmBloomberg confirmed in May 2023 that Reformation is majority owned by private equity firm Permira
https://www.bloomberg.com/news/features/2023-05-09/sustainable-fashion-brand-reformation-eyes-ipo-as-sales-top-300-millionPermira, the global private equity firm, acquired a majority stake in Reformation on July 10, 2019 via a company backed by the Permira funds
https://www.permira.com/news-and-insights/announcements/sustainable-fashion-brand-reformation-announces-majority-investment-from-the-permira-fundsAs part of the 2019 transaction, founder Yael Aflalo remained CEO and a significant owner, and Hali Borenstein remained President
https://www.permira.com/news-and-insights/announcements/sustainable-fashion-brand-reformation-announces-majority-investment-from-the-permira-fundsLongtime pre-Permira investor Stripes Group (a New York-based PE/growth equity firm) retained a minority stake after the Permira transaction
https://labusinessjournal.com/manufacturing/london-private-equity-firm-permira-takes-stake-fas/What's uncertain
- Reformation's IPO on the NYSE (ticker REF) was filed June 25, 2026, but had not yet closed as of this investigation date (July 5, 2026); structure is scored 'private' pending close. If the IPO closes, structure should be updated to 'public'.
- The exact Permira fund vehicle (e.g., Permira VII or specific HoldCo entity) that holds the majority stake was not publicly identified in available sources; the ownership chain reflects the brand-level relationship only.
- Permira's precise post-IPO ownership percentage was not disclosed in the S-1 excerpt reviewed; it is described as 'significant' but not quantified.
- Founder Yael Aflalo's current day-to-day role and exact residual equity percentage post-IPO filing could not be independently confirmed beyond the share count in the S-1.
- Stripes Group's current stake size and whether it was fully or partially exited was not confirmed in available sources.