Permira Funds acquires Reformation, plans international expansion
By Robyn Turk
Jul. 11, 2019
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.”