Reformation for Sale in Goldman-Run Process: Sources

Reformation is taking its mix of sustainability and big-time growth to the auction block. Multiple sources told WWD that Goldman Sachs is managing a process to sell the buzzy company, which has made a name for itself as a leader in the area of sustainability and is said to be posting annual sales growth of more than 50 percent. First-round bids are due May 15, according to one person familiar with the process. Goldman Sachs declined comment on Monday and the company could not be reached for comment. While Reformation’s valuation won’t come into focus until bids are submitted, the company is said to be looking for a big number. The process is notable in that it brings a growth-y and accessibly priced apparel brand to the market, which has been awash in distressed retail, luxury and tech, but very little fashion. The involvement of Goldman, a top-tier investment bank, adds extra weight to the auction. Reformation was founded a decade ago by chief executive officer Yael Aflalo, who was proudly declaring sustainability as a cornerstone of the brand before it was fashionable. “When we first started, I don’t think many of our customers cared about sustainability,” Aflalo said at the WWD CEO Summit in October,

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