Reformation took an atypical approach to catching investors’ attention on its pre-IPO roadshow, during which it pitched its fashion business to firms with the goal of selling shares.
“Here’s a Ref babe in a bathtub to walk you through the business,” a male voice promises in a 30-minute prospectus video, viewed by Vogue Business, in which Reformation executives, alongside clips of a bubble-bathed model, Champagne flute in-hand, make their case to investors that they should bet on the 2009-founded brand. It’s a send-up of Margot Robbie’s appearance in 2015’s The Big Short, in which the actress explains Wall Street jargon to the audience.
The video — especially the bathtub clips, a nod to the brand’s tagline “Being naked is the #1 most sustainable option. We’re #2” — is designed to give would-be investors a sense not just of Reformation’s financials and growth potential, but also of what the brand is all about. The tongue-in-cheek tone is written in the style of Ref’s emails and social content, the former of which are known for their chaotic subject lines and culturally minded, internet speak copy.
It’s a departure from your average financial presentation video, in which, per the Reformation video, “a guy named Brad” typically gives investors the rundown of a company’s financials and growth potential. Of late, few of these have been fashion focused, as fashion brand IPOs have slowed. In 2023, L Catterton-owned Birkenstock had a rocky New York Stock Exchange debut, but has since hit its stride as a public company. Amer Sports, owner of gorpcore brands Arc’teryx and Salomon, went public the following year, as did winterwear brand Perfect Moment. Just last week, Shein’s Hong Kong IPO was approved, after failed attempts at going public in the US and the UK.
Reformation is confident that the sustainability-focused fashion label can break with the industry’s recently rocky IPO tradition — and its Roadshow video is no exception. Its The Big Short spoof may be a lighthearted take designed to woo investors, but, the Ref babe promises in the video: “When it comes to delivering value to shareholders, we mean business.”
Reformation has big ambitions for its next phase. On Monday, the brand confirmed it is targeting a $1 billion valuation in its IPO, pricing 14.1 million shares at a range of $15 to $17 each, with the aim of raising $239.1 million. The brand’s annual revenue surpassed $500 million last year, up from $205 million in 2021. Throughout the prospectus, Reformation aims to show investors that Ref is a safe bet because what the brand is already doing is working well — backed up by ample stats and figures.
