Reformation was founded in 2009 by Yael Aflalo, who stepped down as CEO in 2020 (Aflalo, who still sits on the board, wasn’t there yesterday but joined on Friday). The brand became known for its dresses, but these days sells a wide assortment of products; 77% of active customers say Reformation is one of their favorite brands or their all-time favorite, it reports. Another stat of note, in the competitive world of retail: 80% of Reformation’s direct-to-consumer revenue in the past four years came from full-price sales, not discounting.

Borenstein has spent the past six years “really figuring out how big of an opportunity Reformation could be,” she told me yesterday afternoon. She—and Permira, the private-equity firm that acquired a 65% controlling interest in Reformation in 2019—determined that the opportunity was huge. Post-IPO, the brand plans to double its store count and pursue international growth.

Reformation opened, and closed, flat at its IPO price of $15 yesterday. The company raised $210.9 million in its listing, with a market value of about $890 million. Its IPO was a bit overshadowed by Jersey Mike’s, which listed the same day and took over the NYSE and the opening bell on Thursday; Reformation got a delayed celebration on Friday. But as seen throughout its roadshow, Reformation is OK with doing things its own way.

As the clothing brand told its story to investors, it created a Big Short-style video, with models in bathtubs making the argument for why investors should buy $REF. Even its S-1—the usually stodgy SEC filing companies must make before going public—incorporated the famous Ref brand voice, usually seen in attention-grabbing email marketing subject lines. A typical aside: “As of June 22, 2026, we had approximately 4 million followers across social media platforms, approximately 3 million email subscribers, and consistently spot mega celebrities like Taylor Swift, Jennifer Aniston, Jennifer Lopez, Kendall Jenner, and Hailey Bieber wearing Ref (thanks ladies).”

“It was really obvious for us because we know that we have something that’s really strong. It’s really unique,” Borenstein told me of the decision to be the same Ref with its customers and with Wall Street.

For a masterclass in weaving brand voice through absolutely everything, you can browse Ref’s S-1 here. And while fashion IPOs have not been huge successes in recent years (from Rent the Runway to Allbirds), maybe Reformation can be different. “Our intention is always to reposition the role of the fashion brand,” Borenstein says, “and make it more modern.”

Emma Hinchliffe
emma.hinchliffe@fortune.com

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ALSO IN THE HEADLINES

A WNBA betting scandal. No, the players weren't on DraftKings or Kalshi. But the official WNBA account posted a video of Angel Reese and Paige Bueckers making a friendly $400 wager on the game—and then deleted it. The league said the video "missed the mark" and that it will reemphasize with players that "conversations about wagering on WNBA games, even when intended as a joke, can have negative consequences." 

And in more Kalshi problems... New York Attorney General Tish James is suing the prediction market, alleging it's running an illegal gambling operation. Kalshi cofounder Luana Lopes Lara is the world's youngest female self-made billionaire, and Kalshi is calling the lawsuit "political theater." 

Meet Europe's new AI enforcement team. EU chief for tech sovereignty Henna Virkkunen is leading a team of 38 that will track violations of regulations like publishing of sexually explicit material, fake photos and videos, and cyber threats to public infrastructure.

The Global 500's new No. 1 female CEO. Gail Boudreaux leads Elevance Health, which is now the largest woman-led company in the world. The health insurance exec started her post-college career as a professional basketball player in France. "Having participated in sports plays a lot into how I do leadership,” she's said. “Business is very much a team market.”

The woman who gets companies to donate to Trump. Meredith O'Rourke is the president's lead fundraiser. From SoftBank's $50 million for the Trump presidential library to Apple's $25 million for the White House ballroom, O'Rourke is helping secure those checks. O'Rourke is a longtime fundraiser in Florida and has been with Trump since the 2016 campaign. 

ON MY RADAR

Feminist stand-up was once ascendant. Can Mary Beth Barone revive it? NYT

Sanae Takaichi’s vision for a stronger, more assertive Japan is in danger of unraveling Bloomberg

In Trump's economy, job gains go to women. That's not entirely a good thing NYT

PARTING WORDS

"I told myself this year I was going to be a lot more intentional with celebrating each win, so I’m trying to be in the moment."

— Angel Reese, in Cosmo