Jersey Mike’s, Reformation IPOs pose test for US retail listings

Private equity firm Blackstone BX.N bought Jersey Mike's, which has 3,300 locations, from its founder Peter Cancro in 2025. Permira acquired a majority stake in Reformation, which calls itself the largest sustainable womenswear brand on the planet, in 2019.

For private equity owners, seeing more successful IPOs would provide another exit option after a prolonged slowdown in dealmaking. Many buyout firms have turned to alternatives such as continuation vehicles as they hold assets for longer than originally planned.

Retail IPOs flourished during the record U.S. IPO market in 2021, but many have struggled since listing. As higher interest rates and shifting consumer spending weighed on valuations, several consumer and retail companies that went public that year, including Mister Car Wash, grill maker Weber and European Wax Center, were later taken private after weak stock market performances.