Now public, Reformation is valued at $886 million. The brand raised $210.9 million, selling 14.06 million common shares. When they’ve happened, like Birkenstock’s in 2023, they’ve gotten off to rocky starts, or have delisted altogether, like Allbirds. Already, Reformation has eclipsed many of its direct-to-consumer retail era peers, many of which have shuttered or sold for less than previous valuations. So I love how this is a brand that can translate so broadly, be it to Wall Street or to international markets.”