Reformation Sells a Majority Stake to Valentino and Proenza Schouler Investors
The brand is in the midst of international expansion.
Since its launch in 2009, cult-favorite LA sustainable fashion brand Reformation has been known for its Instagram-worthy outfits and stylish secondhand items. Last week, the brand announced that it has sold a majority stake to Permira Funds — a private equity firm known for investing in luxury labels like Valentino and Proenza Schouler.
Having rapidly grown over the past decade, founder Yael Aflalo has managed to successfully open 14 locations in the US. In the midst of international expansion, the company has already launched its first international branch in Canada and has made its debut at London’s Selfridges. The label has raised $37 million USD in funding and, according to The New York Times, has been estimated to bring in over $150 million USD in sales this year.
“When we met with the Permira team, it was clear that they shared our commitment to sustainability, and have a strong understanding of how to best navigate the complex and rapidly changing consumer market,” Aflalo said in a statement. According to a press release, Permira purchased its majority stake for an unknown amount whereas Aflalo will still remain CEO and Hali Borenstein will remain president. With the company’s new resources, retail growth is expected to improve and its e-commerce experience will enhance for international customers.