Reformation is filing for an IPO this summer. Permira needs an exit and the window is open.

Reformation's confidential IPO filing, expected as soon as next week with a potential listing in July, is as much a Permira story as a brand story. The London-based PE firm acquired a majority stake in 2019 and has overseen a revenue doubling to over $300 million; newer reporting from people familiar with the business puts this year's revenue above $500 million, which would make it a material growth story by any DTC fashion standard. CEO Hali Borenstein has stated the company is profitable, with more than 90% of revenue through owned channels (stores and e-commerce) and around 20% from international markets including the UK. The Bloomberg IPO coverage frames Reformation as a test case for whether sustainability-branded fashion can command a public market premium. The honest risk is that recent consumer IPOs have underperformed post-listing when the celebrity halo fades and investors focus on unit economics. Permira's track record includes the Dr. Martens IPO, which listed at roughly £5 billion and subsequently lost most of that value. Goldman Sachs, presumably advising, will be aware.