Reformation
Sustainable fashion chain · 70+ locations · US, Canada, UK, France + international wholesale
Reformation carries genuine, third-party-verified sustainability credentials and 20 straight quarters of double-digit growth. It listed on the NYSE in July 2026, but that did not hand the company to public shareholders: private equity firm Permira still holds about half.
The Big Picture
Reformation carries genuine, third-party-verified sustainability credentials, including an SBTi-verified emissions target few fashion brands hold. Its July 2026 NYSE listing changed the shareholder register more than the balance of power: Permira's stake fell to about 49.2% but it still names four of the eight directors, including the chair. Reformation now answers to Permira and public shareholders together, with founder Yael Aflalo holding a board seat through her family trust.
The Dirty Details
Ownership
StripesGrowth Equity
Stripes is a New York growth-equity firm founded in 2008 by Ken Fox, investing in consumer brands and software companies: its portfolio spans OpenAI, A24, Monday.com, and Vuori alongside the food brands Ferret tracks. The firm typically takes minority growth stakes, though it has taken majority control in some cases.
Assets under management: $7B (2025)
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Company data last updated August 2026
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