Lyst, a global fashion search platform, has officially announced it’s new round of funding led by a world leader in high-quality products, LVMH.
Lyst as a platform allows customers to search and discover fashion online, offering the world’s most comprehensive inventory of luxury and contemporary products.
Not only does the platform include over 12,000 brands and retailers including Fendi, Gucci, Net-a-Porter, Farfetch and SSENSE, but it also allows shoppers from over 120 countries to utilize its platform.
When Lyst decided to enhance it’s search services to more than 70 million fashion shoppers in 2017, it quickly became profitable. And within the past three years, the company has seen a 400% increase in revenues.
The new financing led by LVMH will allow Lyst to continue it’s international expansion into new markets.
In addition to that, the funding will act as the company’s fuel for growth across its teams in both London and New York as they continue to explore new ways to innovate on the fashion search and discovery front.
The company has been known to produce a quarterly report based on fashion’s hottest brands called The Lyst Index. The index has quickly become a benchmark for the industry due to the company’s unique access to global fashion data.
With that, the company will also continue to pioneer machine learning, computer vision, AI and neural network techniques to power the platform’s search and personalization algorithms as well as build its capabilities and profile of Lyst data.
The platform will also continue to invest in the Lyst consumer brand.
In a statement, Chris Morton, Co-Founder and CEO, Lyst says:
“This is a time of transformational change in the fashion industry. The shift to digital has enabled Lyst to redefine how customers search and discover fashion online – today we’re already among the top sources of new customers for our partners around the world. Our success to date is based on marrying cutting-edge technology with deep fashion expertise. We are thrilled that this will be further strengthened by our partnership with LVMH.”
LVMH Chief Digital Officer Ian Rogers will be joining the Lyst board and notes:
“E-commerce now represents multi-billion Euro revenue and explosive growth for LVMH Maisons. As we continue to invest across the full spectrum of the online luxury experience, Lyst’s vision for a seamless fashion search and discovery destination, coupled with its exceptional growth potential, provides us with a unique opportunity.”