Global fashion platform Lyst bags £60m
Posted on May 13, 2021 by Jonathan Symcox
Global fashion platform Lyst has raised £60 million funding after growing to 150m users in 2020.
The London-headquartered aggregator app and website allows users to buy from an assortment of over 8m products from 17,000 brands and retailers.
GMV last year exceeded $500m, following 1100% growth in new users on the Lyst app. Lifetime GMV is now over $2bn.
Draper Esprit and several existing investors were joined in the round by new investors Fidelity International, Novator Capital, Giano Capital and C4 Ventures.
Brands on Lyst include Balenciaga, Balmain, Bottega Veneta, Burberry, Fendi, Gucci, Moncler, Off-White, Prada, Saint Laurent and Valentino.
Lyst operates an inventory–free platform and uses its proprietary data engine to provide each customer with a highly personalised shopping experience.
Lyst has also appointed Mateo Rando as Chief Product Officer, joining from Spotify, and promoted Emma McFerran to Chief Operating Officer, who was previously Chief People Officer & General Counsel having joined Lyst in 2014.
Chris Morton, CEO and founder, said: “Lyst is rapidly becoming a fashion category leader, which hundreds of millions of fashion lovers rely on to decide what to buy.
“While our app and website already enjoy very large audiences in the USA & Europe, fashion ecommerce remains under-penetrated in general, with huge growth potential globally.
“We’re excited to use this raise from top-tier investors to continue personalising the fashion shopping experience to each of our millions of customers, while helping our partner brands thrive.”
Nicola McClafferty, Partner at Draper Esprit, added: “Lyst has made huge progress over the past year with its industry leading app for the fast-growing online luxury fashion market – a trend which looks set to continue as consumers retain their newfound digital habits, and demand for fashion rises further post-pandemic.
“In recent years we have seen other high-growth fashion tech businesses taking the next step, and we believe Lyst is well positioned to capitalise on this market momentum.
“Draper Esprit has backed Lyst since Series A and we believe this latest round sets the business up for an exciting next phase.”