Reformation

Founded in 2009 in Los Angeles by Yael Aflalo as a vintage clothing reseller before pivoting to in-house-designed women’s apparel built around sustainability-led production, Reformation has become one of the most visible direct-to-consumer-origin contemporary fashion brands of the past decade. The company was acquired by Permira, the European private equity firm, in 2019, with a valuation reported at approximately $1.5 billion at the time of the transaction.

Reformation built its market position around three integrated pillars: sustainable production using deadstock fabrics and eco-certified materials, a feminine-and-occasion-led design aesthetic that translated effectively to social media, and the brand’s published environmental impact reports issued quarterly. The product range covers women’s dresses, separates, denim, footwear (introduced 2018), bridal collections, and a small accessories assortment. Annual revenue is estimated in the $400 to $600 million range, with the company maintaining private status under Permira ownership. CEO Hali Borenstein has led the business since 2019. Reformation opened its first continental European flagship in Paris in Q1 2025, marking the brand’s most significant international expansion milestone and signaling broader European retail rollout potential. The Paris flagship anchors a multi-city European strategy that complements the existing London presence. The brand has cultivated significant celebrity adoption including the Princess of Wales and Taylor Swift across multiple public appearances.

Reformation operates approximately 50 directly operated stores across the United States, Canada, and the United Kingdom, with the Paris flagship adding continental Europe to the directly operated network. The typical Reformation store occupies 1,200 to 2,500 square feet, with formats emphasizing the brand’s signature mid-century-modern store design, integrated technology-enabled fitting rooms, and visible sustainability messaging throughout the merchandising. For mall operators, Reformation is a Class A specialty contemporary women’s tenant for lifestyle centers and premium regional malls, typically positioned alongside Aritzia, Sandro, Maje, AllSaints, and other contemporary women’s brands serving the 25-to-40 female-shopper demographic. The brand’s high media visibility and strong digital-to-store cross-shopping make it a meaningful traffic driver in centers seeking to refresh women’s fashion floors away from legacy chain banners.