Reformation rang the opening bell at the New York Stock Exchange on Thursday, marking its transition from a private equity-backed fashion label to a publicly traded company. Shares edged up 0.5 percent to $15.08 on the first day, giving the brand a market capitalization of nearly $891 million. Main Developments The initial public offering was priced at $15 per share — the low end of the anticipated range — and raised roughly $211 million. Of that total, $142 million flowed directly to the company, while $69 million went to selling shareholders, including Permira, the private equity firm that has backed Reformation since 2019. Chief executive officer Hali Borenstein described the listing process as a long journey that reinforced her confidence in the brand's mission. “From Day One, we set out to do retail differently, to modernize how a brand really shows up for a customer,” Borenstein told WWD within an hour of the stock starting to trade. Read also: 4 Key Findings From the 2026 Retail Theft Report: Shoplifting Drops, Fraud Rises Reformation enters the public markets during a period of investor caution, with concerns over war, interest rates, and inflation weighing on sentiment. The company's ability to hold its opening price in that environment was seen as a modest positive signal. Background Founded with a focus on sustainable fashion and direct-to-consumer sales, Reformation built a loyal following by blending style with environmental messaging. The brand counts 1.1 million active customers and generated $507.1 million in revenue last year, a 15.7 percent increase from the prior year. Permira acquired a stake in Reformation in 2019, providing the capital and operational expertise needed to scale the business. Preparing for an IPO required a grueling process: the company had to bring its operations up to public-company standards, prepare a detailed registration statement, and field questions from numerous would-be investors. Borenstein highlighted two key differentiators that she believes set Reformation apart. First, the brand's strength: “We're brand obsessed, and this brand is incredibly resonant with our customer base. It's a wide customer base, both mom and daughter shop Reformation.” Twenty percent of new customers are under 25, another 20 percent are over 50, and the two-year customer retention rate stands at 98 percent. Second, the company's supply chain: “We're leveraging data and our very fast supply chain to make sure we have the right product at the right time. So we're bringing 50 percent of our product to market in 60 days or less. At our quality level with our mission, it's pretty unheard of.” Why It Matters Reformation's public listing adds a fresh name to a retail IPO landscape that has seen few fashion companies test the public markets recently. The brand's ability to sustain its growth trajectory will be closely watched by investors seeking consumer discretionary plays with a modern, data-driven model. Borenstein also steps into a rare spotlight for women in leadership. According to The Conference Board, only 230 of the Russell 3000 companies were led by women last year. “Being a woman in retail is still less common,” she said. “But I think the real question we should be asking ourselves is, as a business that sells product to women, why is that? Why aren't more women leading companies that sell to women?” She argued that her personal connection to the customer — “I actually wear our clothing, I understand our consumer” — gives Reformation a competitive advantage. What's Next Now that the IPO is complete, Borenstein said the focus shifts to execution. “Today is the first day of a very long journey. We have gone out there, we've told our story, and we've had a great result,” she said. “We're really pleased with the feedback we got, but we also know it's time to get back to work, to put our heads down and to execute on this strategy.” The company plans to more than double its store count to over 140 locations within the next five years. It also intends to expand into new product categories and grow its international presence. Investors will be watching quarterly results closely to see whether Reformation can maintain its retention rates and revenue growth while scaling.