Sustainable apparel brand Reformation Inc. priced its initial public offering at $15 per share on Wednesday, with shares set to begin trading Thursday on the New York Stock Exchange under the ticker REF. The company has posted 21 consecutive quarters of double-digit revenue growth and a 34% annualized revenue increase since 2015, with over $500 million in sales last year. Repeat customers accounted for 70% of 2025 direct-to-consumer revenue, and the brand attracts a broad demographic, with over 70% of customers between ages 25 and 50 and approximately 67% earning over $100,000 in annual household income. The IPO price reflects an enterprise value of just 1.5 times 2027 expected sales, well below the multiples of 3.3 times for Aritzia Inc. and 2.7 times for Ralph Lauren Corp., according to Renaissance Capital.
Ralph Lauren Corp Class A
Tapestry IncPriced IPO at $15 per share, valued at 1.5 times 2027 expected sales, with strong revenue growth and customer metrics.