A company backed by global private equity firm Permira is to acquire a majority stake in sustainable fashion brand Reformation.
Under the transaction, the terms of which were not disclosed, company founder Yael Aflalo will remain CEO and a significant owner of Reformation, and Hali Borenstein will remain president.
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Headquartered in Los Angeles and founded in 2009, Reformation designs and manufactures limited edition collections using sustainable methods and materials. As part of its ethical ethos, the company runs a sustainable factory in LA, utilises deadstock and eco fabrics, and tracks the environmental impact of every product.
“I founded Reformation with the vision of creating a brand that appeals to fashionable consumers, but doesn’t destroy the planet. By incorporating better practices throughout our supply chain, we are able to create beautiful clothes at a fraction of the environmental impact of conventional fashion,” says Aflalo.
“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.
“Permira’s global consumer and retail expertise is invaluable as we embark on this next chapter of growth. Their partnership allows us to expand our business domestically and internationally and launch into new product categories, taking us one step closer to our mission of bringing sustainable fashion to everyone.”
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By GlobalDataPermira says it will draw on its experience in backing leading brands, internet businesses and omnichannel retailers – including Hugo Boss, Valentino, Dr Martens, Minted, The Knot Worldwide and Allegro – to drive growth at Reformation, expand its e-commerce strategy and retail footprint both domestically and internationally, and to launch new product categories.
“Uniquely positioned at the intersection of fashion and sustainability, Reformation authentically speaks to today’s consumer,” says Permira principal David Brisske.
“Yael has done an incredible job building a brand and a company with a clear mission, beautiful products and a loyal following. It’s rare for a business to have both tremendous brand strength and first-rate omnichannel capabilities, as Reformation has. We are thrilled to support Yael and Hali as they continue to grow Reformation in the US and abroad.”
