These are the stories making headlines in fashion on Friday.
Reformation Enters NYSE at $886.1 Million Valuation
Reformation began trading on the New York Stock Exchange (NYSE) on Thursday with shares opening at $15, putting the womenswear brand’s valuation at $886.1 million. The offering, which brought in $211 million to shareholders on Wednesday, comes at a time when the number of U.S. consumer and retail IPOs are at their lowest in 10 years. The California-based label, which started as a vintage boutique in 2009, has notched 20 consecutive quarters of double-digit revenue growth. {Reuters/paywalled}
Nike and Lululemon Face Pricing Lawsuits
Activewear brands Nike and Lululemon are facing separate lawsuits alleging they used misleading “phantom discount” pricing, part of a growing wave of similar legal challenges against retailers. These lawsuits claim some companies are displaying inflated “regular” prices to make markdowns appear more attractive. Experts say rising consumer price sensitivity may be fueling the lawsuit surge, though they doubt legal pressure alone will prompt retailers to abandon the tactic if it continues driving sales. {Modern Retail}
Oxy Capital Submits Binding Offer for Aeffe
Asset management firm Oxy Capital has made a binding bid for Aeffe, the Italian fashion group that owns Moschino, offering the company an alternative to liquidation. The firm plans to partner with a Chinese industrial investor and Invitalia, Italy’s agency for development of the Ministry of Economy and Finance, in the deal. Court approval is expected by October if talks proceed smoothly, potentially allowing the sale to close before year’s end. {WWD/paywalled}
Puma Posts Smaller Loss in Second Quarter
Puma trimmed its Q2 2026 loss to €53.1 million ($61.5 million), as CEO Arthur Hoeld pushes forward with a turnaround strategy targeting a return to growth by 2027. The company previously reported losses of €109.1 million ($125.47 million) in Q2 2025. It also hit expectations with €1.69 billion ($1.9 billion) in sales and stood by its full-year outlook, even though shares dropped as much as 6.5% in early trading in Frankfurt. Hoeld, a former Adidas executive who joined Puma last year, has worked through surplus inventory and restructured leadership as part of the overhaul. {Puma}
Puig Reports H1 Growth Following Estée Lauder Deal Collapse
Puig reported first-half revenue growth of 4.4%, delivering its first earnings update since a possible tie-up with Estée Lauder fell apart in May. Net sales totaled €2.35 billion ($2.68 billion), driven by a 1.9% increase in fragrance and fashion, a 5.8% rise in makeup and 1.2% growth in skin care, despite the Middle East conflict shaving off overall sales. Puig stood by its guidance for the full year and is working to recoup U.S. tariff payments made in late 2025 and early 2026. {Puig}
