Just how much is a brand that’s hot and sustainable worth?

The market might be just about to find out as first-round bids for Reformation are due Wednesday in a Goldman Sachs-run auction. WWD first reported the process last week.

One financial source familiar with the brand said the valuation expectations are lofty at 18- to 20-times earnings before interest, taxes, depreciation and amortization of a projected $30 million for this year.

That would put the upper end of the company’s value at $600 million, although expectations are often high going into an auction.

Reformation is said to be expanding revenues at 50-plus percent annually — a growth rate that has garnered attention in the investment set. The brand also has something of a hook in that it has been built around the idea of sustainability, a very top-of-mind topic in fashion today.

Founder and chief executive officer Yael Aflalo is said to own about 60 percent of the business. Other investors include 14W, Stripes Group and Imaginary Ventures, which was cofounded by Net-a-porter founder Natalie Massenet.

Reformation could not be reached for comment and a spokeswoman for Goldman Sachs declined to comment on Tuesday.

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