- Robyn Turk
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Reformation is going to Canada. The LA-based sustainable womenswear
label has been acquired by private equity firm Permira Funds, who is
opening Reformation’s first Canadian store on Thursday, July 11.
Permira Funds has significant experience backing popular consumer
brands and helping these brands to expand their international retail
footprints. It has invested in brands including Roberto Cavalli,
Valentino and Proenza Schouler, Hugo Boss, Valentino and The Knot
Worldwide.
“Uniquely positioned at the intersection of fashion and
sustainability, Reformation authentically speaks to today’s consumer,”
Permira’s principal David Brisske said in a statement. “Yael [Aflalo]
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.”
Yael Aflalo, who founded Reformation in 2009, will continue service
as CEO and maintain significant ownership of the company. Hali
Borenstein remains president.
Reformation currently operates 14 retail locations in the U.S., an
international e-commerce business, and wholesale partnerships with
retailers including Nordstrom and Farfetch. With Pemira’s backing,
Reformation is slated to grow its international sales. Along with the
new store in Toronto, Canada, Pemira expects to open a Reformation in
London this fall.
“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,” Alfalo said. “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.”
Image: Reformation
