Reformation REF

Reformation is the largest sustainable womenswear brand on the planet that designs and sells timeless, modern apparel and accessories. The company operates in the highly fragmented fashion industry, focusing on delivering beautiful, sustainable fashion that instills customer confidence and generates deep brand love. Reformation’s business model centers on a direct-to-consumer approach supported by technology-forward shopping experiences and an agile, sustainable supply chain.

Reformation generates revenue primarily through the sale of womenswear apparel and accessories, including dresses, bottoms, tops, sweaters, and accessories. The company sells directly to consumers via its e-commerce platform and retail stores, which together accounted for approximately 90% of net revenue in 2025. The remaining revenue comes from wholesale partnerships with third-party retailers, online retailers, and other distribution channels.

Reformation operates through the following segments:

• DTC: This segment includes the company’s e-commerce platform and retail stores, where Reformation sells products directly to consumers. The DTC channel contributed approximately 90% of net revenue in 2025, driven by online sales and physical retail locations. Reformation’s proprietary Retail X™ store model, featured in approximately 75% of retail stores as of the first quarter of 2026, enhances the shopping experience through technology-enabled dressing rooms and personalized engagement.
• Wholesale and Other: This segment involves sales made to third-party retailers such as department stores, online retailers, and other wholesale partners, as well as sample sales and sales to distributors. The Wholesale and Other channel accounted for approximately 10% of net revenue in 2025. Reformation uses this channel to test new markets, build brand awareness, and support international expansion ahead of potential retail openings.

Reformation holds a leading position in the sustainable fashion industry, distinguished by its strong brand identity, customer loyalty, and integrated approach to sustainability. The company competes with a broad range of players in the womenswear and premium apparel markets, including vertically integrated specialty stores, multi-brand retailers, and e-commerce sites. Its competitive advantages include a distinctive brand voice, rapid product development cycle, agile supply chain, and the proprietary Retail X™ technology, which drives higher average order value and conversion rates compared to traditional retail formats.

Reformation’s customer base consists primarily of women aged 18 to 60, with over 70% of customers between the ages of 25 and 50. The brand appeals to a multi-generational audience, including Gen Z, millennials, Gen X, and Baby Boomers, with nearly 20% of new customers in 2025 under 25 and nearly 20% over 50. Approximately 67% of customers earn over $100,000 in annual household income, and about 20% of Active Customers were located outside the United States in 2025, with significant presence in Canada, the United Kingdom, and Europe.