REF
Reformation Inc.
OpenVolumeMkt capP/EEPSDiv yield
Day – 52-wk –
Expected move
InputsNext report
Last report
Largest filed tie
0
filed ties
13F top-10 QoQ
—
Top fund weight
—
Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied
Reformation Inc.
Expected move
InputsNext report
Last report
Largest filed tie
0
filed ties
13F top-10 QoQ
—
Top fund weight
—
Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied
| Manager | Value | % base | |
|---|---|---|---|
| Skylands Capital | $1.1M | 99.63% | new |
| Sterling | $4,082 | 0.37% | new |
| Manager | Value | % base | |
|---|---|---|---|
| Skylands Capital | $1.1M | 99.63% | new |
| Sterling | $4,082 | 0.37% | new |
No peers for Reformation Inc. yet.
No peers for Reformation Inc. yet.
Supply-chain ties, covered
None disclosed
Fund holders, covered
No N-PORT holders
13F holdings, covered
13F quarter · Sep 30 '26
Management, not covered
Not covered · DEF 14A, 8-K 5.02
Annual filing, not covered
Not parsed · ties from counterparty filings
Company IR feed, not covered
News via newswires & EDGAR
Products, patents, hiring, not covered
Not covered
Supply-chain ties, covered
None disclosed
Fund holders, covered
No N-PORT holders
13F holdings, covered
13F quarter · Sep 30 '26
Management, not covered
Not covered · DEF 14A, 8-K 5.02
Annual filing, not covered
Not parsed · ties from counterparty filings
Company IR feed, not covered
News via newswires & EDGAR
Products, patents, hiring, not covered
Not covered
No thesis.
Reformation is a large, sustainable womenswear brand. Since 2009, we make timeless, modern apparel and accessories that instill confidence and generate deep brand love from our loyal customers spanning generations and geographies. Our goal is to have a positive impact on people and the planet and prove that it's possible to build a global fashion brand that delivers both impressive financial and environmental results. From 2015 to 2025, we grew net revenue at a compound annual growth rate ("CAGR") of 34%, reaching over half a billion dollars of net revenue and over one million Active Customers, all while boasting strong margins. In 2026, our momentum has continued, with net revenue growing 30% during the first quarter of 2026 compared to the first quarter of 2025. We built Reformation to challenge the conventional fashion model and reimagine how brands interact and engage with consumers. Our business stands in contrast to traditional retail businesses that can often be characterized by limited direct connection to the customer, imprecise product forecasting and merchandising, frequent promotions, long manufacturing lead times, and slow technological adoption. At Ref, we aren’t afraid to say what everyone else is thinking and do our own thing. As a result, over the last 17 years, we’ve helped pave the way for what we consider to be a smarter approach to retail. We're known and loved for our unique brand identity, which helps us connect authentically with customers and the broader cultural zeitgeist. Our customers love us: 77% of Active Customers cited Reformation as one of their favorite brands or their all-time favorite brand in our July 2025 Customer Survey and, in 2025, nearly 70% of our direct-to-consumer ("DTC") net revenue came from our returning customers. We make great products our customers are obsessed with across categories and occasions. Our strategy is based on 1) testing new styles in small quantities and 2) iterating on proven designs. As a result, full-price sales consistently represented approximately 80% of our DTC net revenue from 2021 to 2025. We have proven that speed, sustainability, and profitability can coexist in fashion. Supported by our efficient supply chain and well-defined Sustainability Framework, we maintain industry leading manufacturing lead times compared to key peers in the apparel industry, with 50% of our product arriving in our distribution center in 60 days or less for the past three years. We operate within the highly fragmented fashion industry, while also benefiting from increased consumer demand for sustainable fashion. With less than 1% customer penetration of our core U.S. addressable market today, we believe we are well positioned to capture significant growth over the long term. Our path forward is clear: we intend to grow by deploying the same strategies that helped get us to where we are today. Specifically, that means increasing our distribution through both DTC and wholesale channels, expanding our product assortment within existing and new product categories, growing in international markets, and driving operational excellence. As we pursue these goals and continue building an industry-leading lifestyle brand, we will define success in three ways: . Customer love. We're proud to have a highly desirable, loyal, and growing customer base. Our goal is to continue acquiring new customers as we grow brand awareness and geographic reach, while retaining longtime fans of the brand. We believe the strength of our customer retention and repeat purchasing behavior has contributed to a durable and repeatable revenue base over time. . Sustainability outcomes. We believe companies should also be accountable for their environmental impact, so we aim to continue to set a high standard for sustainability in the fashion industry as we scale. Reformation was founded in 2009, and REF Topco, Inc. was incorporated as a Delaware corporation in 2019 in connection with the acquisition by Permira of a majority interest in us. We changed our name to Reformation Inc. on April 11, 2025. Our principal offices are located in St., Vernon, California.
Reformation is a large, sustainable womenswear brand. Since 2009, we make timeless, modern apparel and accessories that instill confidence and generate deep brand love from our loyal customers spanning generations and geographies. Our goal is to have a positive impact on people and the planet and prove that it's possible to build a global fashion brand that delivers both impressive financial and environmental results. From 2015 to 2025, we grew net revenue at a compound annual growth rate ("CAGR") of 34%, reaching over half a billion dollars of net revenue and over one million Active Customers, all while boasting strong margins. In 2026, our momentum has continued, with net revenue growing 30% during the first quarter of 2026 compared to the first quarter of 2025. We built Reformation to challenge the conventional fashion model and reimagine how brands interact and engage with consumers. Our business stands in contrast to traditional retail businesses that can often be characterized by limited direct connection to the customer, imprecise product forecasting and merchandising, frequent promotions, long manufacturing lead times, and slow technological adoption. At Ref, we aren’t afraid to say what everyone else is thinking and do our own thing. As a result, over the last 17 years, we’ve helped pave the way for what we consider to be a smarter approach to retail. We're known and loved for our unique brand identity, which helps us connect authentically with customers and the broader cultural zeitgeist. Our customers love us: 77% of Active Customers cited Reformation as one of their favorite brands or their all-time favorite brand in our July 2025 Customer Survey and, in 2025, nearly 70% of our direct-to-consumer ("DTC") net revenue came from our returning customers. We make great products our customers are obsessed with across categories and occasions. Our strategy is based on 1) testing new styles in small quantities and 2) iterating on proven designs. As a result, full-price sales consistently represented approximately 80% of our DTC net revenue from 2021 to 2025. We have proven that speed, sustainability, and profitability can coexist in fashion. Supported by our efficient supply chain and well-defined Sustainability Framework, we maintain industry leading manufacturing lead times compared to key peers in the apparel industry, with 50% of our product arriving in our distribution center in 60 days or less for the past three years. We operate within the highly fragmented fashion industry, while also benefiting from increased consumer demand for sustainable fashion. With less than 1% customer penetration of our core U.S. addressable market today, we believe we are well positioned to capture significant growth over the long term. Our path forward is clear: we intend to grow by deploying the same strategies that helped get us to where we are today. Specifically, that means increasing our distribution through both DTC and wholesale channels, expanding our product assortment within existing and new product categories, growing in international markets, and driving operational excellence. As we pursue these goals and continue building an industry-leading lifestyle brand, we will define success in three ways: . Customer love. We're proud to have a highly desirable, loyal, and growing customer base. Our goal is to continue acquiring new customers as we grow brand awareness and geographic reach, while retaining longtime fans of the brand. We believe the strength of our customer retention and repeat purchasing behavior has contributed to a durable and repeatable revenue base over time. . Sustainability outcomes. We believe companies should also be accountable for their environmental impact, so we aim to continue to set a high standard for sustainability in the fashion industry as we scale. Reformation was founded in 2009, and REF Topco, Inc. was incorporated as a Delaware corporation in 2019 in connection with the acquisition by Permira of a majority interest in us. We changed our name to Reformation Inc. on April 11, 2025. Our principal offices are located in St., Vernon, California.
Reformation Inc.
15.78
−0.44 · −2.72%
post 15.78 0.00%
Expected move
Inputsstraddle ±13.6%
spot 15.82exp Nov 20ATM strike 15ATM straddle 2.52IV 83%