European private equity firm Permira has acquired a majority stake in sustainable fashion brand Reformation.
The company, which was founded in Los Angeles 10-years ago, is e-commerce driven fast fashion brand with a dedicated following on social media platforms such as Instagram.
The firm plans to expand on its 14 branches in the US, which it said brings its “online experience” into physical stores.
Permira owns British footwear brand Doc Martens and has previously backed luxury menswear retailer Hugo Boss and high street staple New Look.
“Uniquely positioned at the intersection of fashion and sustainability, Reformation authentically speaks to today’s consumer,” said Permira principal David Brisske.
He added: “It’s rare for a business to have both tremendous brand strength and first-rate omnichannel capabilities, as Reformation has.”
Reformation founder and chief executive Yael Aflalo, said: “I founded Reformation with the vision of creating a brand that appeals to fashionable consumers, but doesn’t destroy the planet.”
She said the deal with Permira would allow the fashion brand to expand “domestically and internationally and launch into new product categories”.
Aflalo will stay on as chief executive and Hali Borenstein will remain as president.
Main image credit: Reformation