Reformation is a premium womenswear brand that sells apparel and accessories primarily through direct-to-consumer channels. The company uses sustainability and a vintage-inspired aesthetic as core brand pillars, offering products across dresses, bottoms, tops, sweaters, and accessories. The direct-to-consumer channel generates approximately 90% of net revenue through an e-commerce platform and 70 retail stores as of mid-2026, with a wholesale channel providing the remaining 10%. The business model relies on a rapid test-and-chase merchandising strategy, launching new styles in small batches to monitor demand before placing reorders. This approach enables production lead times of 60 days or less and supports high full-price selling rates, which historically represent 80% of direct-to-consumer revenue. Growth strategy focuses on expanding the physical store footprint in major markets, scaling newer categories like footwear and handbags, and growing international revenue in the U.K., Canada, and Western Europe. Physical stores serve as customer acquisition engines, often utilizing a showroom-style format called Retail X to increase conversion and order value. Reformation supports its supply chain through an automated distribution center and targets store investment payback in under 24 months.