Business
Womenswear retailer Reformation's US IPO raises $211 million (July 29)
Womenswear retailer Reformation's US IPO raises $211 million (July 29)
About this update from Reformation Inc.
Womenswear retailer Reformation said on Wednesday its U.S. initial public offering has raised $210.9 million, as it looks to test investor appetite for a fashion brand.The Vernon, California-based company and some of its selling shareholders sold 14.1 million shares at $15 apiece, within its marketed range of $15 to $17.The IPO market is broadening, with companies across sectors testing investor demand, including fashion retailers — a category that has seen few listings in recent years.Peer Tailored Brands also filed for an initial public offering earlier this month.Founded in 2009 in Los Angeles, Reformation markets itself as a sustainable fashion brand that designs and sells women's apparel and accessories.It has five core product groups: dresses, bottoms, tops, sweaters and accessories. Its strategy is based on testing new styles in small quantities, launching tests twice a week on its website and once a week in its stores, and then iterating on proven designs.The brand has more than a million active customers across its direct-to-consumer channels.It has also benefited from high-profile celebrities such as Taylor Swift, Hailey Bieber and Kendall Jenner being seen wearing their designs.J.P. Morgan, Morgan Stanley, Citigroup and RBC Capital Markets are among the underwriters for the offering. It will start trading on Thursday on the NYSE under the symbol "REF."