July 30 (Reuters) - Permira-backed womenswear retailer

Reformation was valued at $886.1 million after its

shares opened flat in their NYSE debut on Thursday.

The Vernon, California-based company's shares opened at $15

apiece, the same as its offer price. The retailer and some of

its shareholders had raised $211 million in its IPO on

Wednesday.

The debut comes as the number of U.S. consumer and retail

IPOs are at their lowest in a decade, even as the broader IPO

market rebounds.

Founded in 2009 as a vintage clothing boutique in Los

Angeles, Reformation markets itself as the largest sustainable

​brand that designs and sells women's apparel and accessories.

"During the peak of ESG investing, a sustainability

narrative often attracted significant investor interest," said

Kat Liu, vice president at IPO research firm IPOX.

"Today, investors are placing much greater emphasis on

financial performance. Sustainability can certainly strengthen a

brand and help build customer loyalty, but it can no longer

compensate for weak fundamentals."

Private ​equity firm Permira, which has long track record of

investing in consumer companies, ​acquired a majority ⁠stake in

Reformation in 2019. Permira's portfolio also includes brands

such as K-Way and Italian manufacturing hub Gruppo Florence.

Reformation has five core product groups: dresses, bottoms,

tops, sweaters and accessories. Its strategy is based on testing

new styles in small quantities, launching tests twice a week on

its website and once a week in its stores, and then iterating on

proven designs, it said in its IPO filing.

It has more than a million active customers across its

direct-to-consumer channels, it added.

"A high percentage of returning customers suggests genuine

brand loyalty rather than one-time demand. Those customers are

generally less expensive to retain, tend to spend more over

time, and can make revenue more predictable," Liu said.