Reformation Spoofs The Big Short’s Bathtub Scene to Seduce Investors

Reformation took an atypical approach to catching investors’ attention on its pre-IPO roadshow, during which it pitched its fashion business to firms with the goal of selling shares.

“Here’s a Ref babe in a bathtub to walk you through the business,” a male voice promises in a 30-minute prospectus video, viewed by Vogue Business, in which Reformation executives, alongside clips of a bubble-bathed model, Champagne flute in-hand, make their case to investors that they should bet on the 2009-founded brand. It’s a send-up of Margot Robbie’s appearance in 2015’s The Big Short, in which the actress explains Wall Street jargon to the audience.

The video — especially the bathtub clips, a nod to the brand’s tagline “Being naked is the #1 most sustainable option. We’re #2” — is designed to give would-be investors a sense not just of Reformation’s financials and growth potential, but also of what the brand is all about. The tongue-in-cheek tone is written in the style of Ref’s emails and social content, the former of which are known for their chaotic subject lines and culturally minded, internet speak copy.

It’s a departure from your average financial presentation video, in which, per the Reformation video, “a guy named Brad” typically gives investors the rundown of a company’s financials and growth potential. Of late, few of these have been fashion focused, as fashion brand IPOs have slowed. In 2023, L Catterton-owned Birkenstock had a rocky New York Stock Exchange debut, but has since hit its stride as a public company. Amer Sports, owner of gorpcore brands Arc’teryx and Salomon, went public the following year, as did winterwear brand Perfect Moment. Just last week, Shein’s Hong Kong IPO was approved, after failed attempts at going public in the US and the UK.

Reformation is confident that the sustainability-focused fashion label can break with the industry’s recently rocky IPO tradition — and its Roadshow video is no exception. Its The Big Short spoof may be a lighthearted take designed to woo investors, but, the Ref babe promises in the video: “When it comes to delivering value to shareholders, we mean business.”

Reformation has big ambitions for its next phase. On Monday, the brand confirmed it is targeting a $1 billion valuation in its IPO, pricing 14.1 million shares at a range of $15 to $17 each, with the aim of raising $239.1 million. The brand’s annual revenue surpassed $500 million last year, up from $205 million in 2021. Throughout the prospectus, Reformation aims to show investors that Ref is a safe bet because what the brand is already doing is working well — backed up by ample stats and figures.

Reformation may be employing what it calls “sexy math” to impress investors, but through its sultry messaging, it’s promising growth derived from many of investors’ favorite buzzwords: technology, data, and the new golden ticket, AI.

Reformation is a fashion brand first; this much is acknowledged in its pitch video, where executives emphasize the brand’s coolness and covetability, while rattling off statistics such as “84% of active customers say wearing Ref makes them feel confident”, or “77% of customers report Ref as one of their favorite brands or their all-time favorite brand”.

The Reformation team also emphasized the brand’s loyal — and growing — customer base: nearly 70% of Reformation’s total 2025 direct-to-consumer (DTC) revenue came from returning customers. The age range of over 70% of Reformation’s million-plus active customers is 25 to 50, and 20% are currently international. Twenty percent of new customers are both aged below 25 and over 50, the brand also flagged, noting room for growth in terms of age range and geography. Household incomes averages at $100,000-plus for 67% of Reformation’s active customers, meaning repeat spenders ought to be able to continue to do so. (The returning shopper purchases the brand an average of 2.6 times per year, after all.) Still, Reformation’s US penetration rate is just 1% — there are lots more customers to meet.

There’s also acknowledgement of Reformation’s founding promise: to be a “new” kind of fashion brand, one that’s sustainability focused, but not at the expense of style. “We like to say that if being naked is the most sustainable option, we’re number two,” says the Ref babe in the video, now lent against the tub in a Reformation silk dress, while rattling off the brand’s carbon savings: 73% per unit, compared to conventional apparel footprints. Customers who value sustainability spend 39% more with the brand, she adds. Reformation’s chief sustainability officer, though, doesn’t make an appearance until two-thirds of the way into the video, after execs such as the CEO, chief digital officer, and chief operating officer. Once there, Kathleen Talbot highlight’s Reformation’s tools that enable the brand to “scale sustainability”, as well as its lower-impact material sourcing and circularity processes.

The majority of the 30-plus minutes, though, is focused on Reformation’s tech savvy, drilling in the brand’s “innovative and tech-forward” approach to shopping and selling. Its “smart merchandising engine” means the business is low risk, relative to other fashion businesses, according to the brand. The merchandising model is designed to keep pace with consumers, and Reformation launches products in limited quantities, informed by customer data, before making more product. It also means that Reformation limits its discounting periods to twice per year; selling about 80% of merchandise at full price.

There’s also lots of talk about data and performance in the video. “Technology, data, and now AI, are embedded across our value chain,” COO Ivan Tchakarov assures investors. “Unlike other brands of our size, we have a strong proficiency around technology,” chief digital officer Jessica Ozella promises. Ozella goes on to highlight Reformation’s famous changing room tech, Retail X, where customers select what they want to try on via an in-store screen. “In conventional retail, you usually don’t have a lot of data,” she adds. “You know how many people come in the door, and what people buy — and that’s about it.”

Thanks to its high-tech stores, Reformation knows customers’ every move, she says. Ref reports an 8.5% increase in average order value for Retail X stores versus non-tech-enabled stores.

After highlighting the brand’s loyal customers and international expansion opportunities, CEO Hali Borenstein brings it back to the tech: “As a tech-forward business, we will continue to leverage data, analytics and AI technology to drive significant efficiency across the operational aspects of our business.”

Is leaning into techy, AI language the way forward for fashion brands looking to go public? Reformation’s July 30 listing will likely tell.

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