Here are 1-3 brief analogies to describe Reformation:

• Lululemon, but for sustainable women's fashion.

• The Patagonia of women's apparel.

• Apparel: Timeless, modern clothing designed for women.
• Accessories: Fashionable items that complement their apparel offerings.

Reformation (REF) primarily sells directly to individuals (B2C) rather than to other companies. The company emphasizes its "over one million Active Customers" and states that "nearly 70% of our direct-to-consumer ("DTC") net revenue came from our returning customers," indicating a strong focus on individual consumers.

Reformation serves the following categories of customers:

• Sustainability-Conscious Consumers: Customers who are drawn to Reformation's mission to have a "positive impact on people and the planet" and seek out brands that set a "high standard for sustainability in the fashion industry." These customers are influenced by the increased demand for sustainable fashion.
• Fashion-Forward & Modern Style Seekers: Individuals looking for "timeless, modern apparel and accessories" that reflect a "unique brand identity." These customers are "obsessed with" Reformation's products across various categories and occasions, valuing the brand's aesthetic and ability to instill confidence.
• Brand-Loyal & Repeat Purchasers: A significant portion of Reformation's customer base consists of highly engaged individuals who demonstrate "deep brand love," "customer retention," and "repeat purchasing behavior." These customers frequently return to the brand, contributing substantially to DTC net revenue.

Hali Borenstein, Chief Executive Officer, President and Director

Hali Borenstein joined Reformation in 2014 as Director of Merchandising. She steadily progressed through various roles, including Vice President of Merchandising, Design, and Ecommerce, and then President, before being appointed CEO in June 2020. Prior to Reformation, she started her career in consulting at Bain & Company and later worked in merchandising at a children's clothing company after earning her MBA from the Stanford Graduate School of Business. Borenstein has been instrumental in overseeing significant growth, category expansion, and product innovation at Reformation. She also serves on the Board of Directors for Carter's Inc. Reformation was acquired by the private equity firm Permira in 2019, and Borenstein stepped into the CEO role in 2020, indicating experience managing a company backed by private equity.

Joshua Moore, Chief Financial Officer

Joshua Moore serves as the Chief Financial Officer for Reformation. Before joining Reformation, he held the positions of President, COO, and CFO at The Apparel Group. His extensive finance background includes senior finance roles at various companies such as WORLDPAC, Advance Auto Parts, At Home Group, The Michaels Companies, Best Buy, and Land O'Lakes.

Ivan Tchakarov, Chief Operating Officer

Ivan Tchakarov is the Chief Operating Officer at Reformation. His prior experience includes Director roles at Google Merchant Platform and Google Shopping. He has also held leadership positions at Sears Holdings, UPS, and Accenture.

Kathleen Talbot, Chief Sustainability Officer & VP Operations

Kathleen Talbot holds the position of Chief Sustainability Officer & VP Operations at Reformation. She began her tenure at Reformation in 2013.

Key Business Risks for Reformation (REF)

1. Intense Competition in the Highly Fragmented Fashion Industry: Reformation operates within a highly fragmented fashion industry, which exposes the company to intense competition from both traditional and sustainable fashion brands. This competitive landscape could impact Reformation's market share, pricing strategies, and overall profitability.

2. Reliance on Maintaining Brand Appeal and Customer Loyalty: A significant portion of Reformation's success stems from its unique brand identity and strong customer loyalty, with 77% of Active Customers citing Reformation as a favorite brand and nearly 70% of DTC net revenue in 2025 coming from returning customers. Any decline in brand appeal, inability to adapt to evolving fashion trends, or erosion of customer loyalty could significantly impact revenue and market position.

3. Supply Chain Disruptions and Maintaining Operational Efficiency: Reformation prides itself on its efficient supply chain and industry-leading manufacturing lead times, with 50% of its product arriving at distribution centers in 60 days or less. Disruptions to this supply chain, such as issues with raw material availability, manufacturing processes, logistics, or increased operational costs, could impair the company's ability to produce and deliver products efficiently, thereby affecting financial performance and customer satisfaction.

Reformation (REF) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Increased Distribution: The company plans to expand its reach by increasing distribution through both its direct-to-consumer (DTC) and wholesale channels.
2. Product Assortment Expansion: Reformation intends to grow by expanding its product assortment within existing and new product categories, catering to a wider range of customer preferences and occasions.
3. International Market Growth: A significant driver of future revenue will be the company's focus on growing its presence in international markets, thereby expanding its customer base beyond current geographies.
4. Customer Acquisition and Retention: Reformation aims to continue acquiring new customers by enhancing brand awareness and geographic reach, while also maintaining its strong customer retention and repeat purchasing behavior among existing loyal customers.

Share Repurchases

• Reformation plans to utilize approximately $9.5 million of its IPO net proceeds to repurchase outstanding shares and stock options from certain executives and employees as part of a "synthetic secondary" offering.
• As of December 2025, Reformation had a 1-Year Share Buyback Ratio and a 3-Year Share Buyback Ratio of 0.00%, indicating no significant share repurchases in the years leading up to its IPO.

Share Issuance

• Reformation priced its initial public offering (IPO) on July 29, 2026, offering 14,062,500 common shares at $15.00 per share.
• The company issued 9,478,821 new shares in the IPO, while existing stockholders sold 4,583,679 shares.
• The IPO is expected to generate approximately $134.5 million in net proceeds for the company, which will be used for general corporate purposes and debt reduction.

Inbound Investments

• The company's initial public offering in July 2026, where it generated $134.5 million in net proceeds from the issuance of new shares, represents a significant inbound investment.

Capital Expenditures

• Reformation's Capital Expenditure for the six months ending December 2025 was approximately $44.54 million.
• The company is considered a "Capex-Heavy Grower" as it invests significantly in growth initiatives, including expanding its store count and enhancing its technology-enabled retail model.
• As of Q1 2026, Reformation operated 66 stores, with 49 utilizing its patented "Retail X" store concept, indicating ongoing investment in its physical retail presence.