Womenswear Firm Reformation Opens Flat After $210.9 Million IPO
THE SO WHAT
Reformation raising $210.9 million but trading flat at the bottom of its range is another data point that public markets are cautious on consumer brands, even with sustainability narratives. If you’re a growth-stage DTC or retail brand, don’t count on IPO froth—optimize for profitability and optionality instead.
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