The trading gives Reformation a market value of about $886 million, based on the outstanding shares in its filings. It marketed 9.48 million shares, and the selling backers offered 4.58 million, for $15 to $17 apiece. 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. 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.