Since launching its sustainably manufactured cool-girl wares via e-commerce in 2009, Reformation has opened eight brick-and-mortar locations — three in New York City, four across California and as of September, one in Dallas. But the Los Angeles-based direct-to-consumer stalwart is making it clear that it has even more IRL stores on its mind, and now, it has the resources to go about making it happen.
As luck would have it, Reformation just received a brand-new flood of cash: The retailer announced on Thursday that it has raised a $25 million Series B funding round led by investment company Stripes Group, with participation from venture capital group 14W and, interestingly, Imaginary Ventures, Natalie Massenet and Nick Brown's year-old firm that specializes in early-stage investments.
But as compared to Massenet and Brown's previous investments (including in HUM Nutrition and Daily Harvest), Reformation isn't quite fledgling — at least not in a traditional retail sense. The company has achieved a seemingly impossible statistic per the broader retail market, which is consistent, stable growth; Reformation has seen an average of 60 percent year-over-year since 2014, clocking in at an estimated revenue of just more than $100 million in 2017, reports Business of Fashion. And though BoF also reports that 80 percent of sales come through the website, Reformation's brick-and-mortar strategy remains top of mind: Five of those aforementioned eight stores opened this year, plus a pop-up in Miami, with a similar pace expected for 2018.
In addition to building up its brick-and-mortar presence, Reformation's founder and Chief Executive Yael Aflalo told BoF that the brand also plans to invest an undisclosed portion of this $25 million in manufacturing and sustainability programs at the company's bright, shiny Los Angeles factory, which is famously open to the public.
Will Reformation be hitting your city next? (If you don't live in New York, Los Angeles, San Francisco or Dallas, that is.) We've reached out to Reformation for more information, but in the meantime: Hang in there, #Refbabes.
Note: This story has been updated with confirmation from Reformation.