Reformation is looking for a buyer, says American publication WWD citing sources familiar with the matter. The sustainable brand, which according to the sources has registered an annual sales growth of more than 50 percent, has reportedly tapped Goldman Sachs to manage the first round of bids, which are due May 15.
Neither Goldman Sachs not Reformation have confirmed the information to WWD as they both declined to comment.
Founded in 2011 in Los Angeles, Reformation gained fame thanks to Instagram and its sustainability practices. The company aims for 75 percent of its products to be produced with either natural fibers that are rapidly renewable or fibers that are almost all natural or recycled. The company raised 25 million US dollars in 2017 in a series B funding round led by investors Stripes Group and 14W together with Imaginary Ventures, the venture capital firm established by Dame Natalie Massenet, founder of Net-a-Porter, and Nick Brown. Reformation had previously raised 15 million in a funding round in 2015.