UK online fashion mall Lyst raises $40 million from investors
April 30, 2015 02:30 PM
London-based fashion site Lyst.com, which connects shoppers with over 11,500 designers and stores from all over the world, today announced that it has raised a $40 million Series C round of funding from Groupe Arnault, a firm controlled by LVMH CEO Bernard Arnault, and such previous investors as Accel Partners, Balderton Capital, 14W, DFJ and an anonymous New York-based hedge fund. This brings its total funding to $60 million.
“This is an exciting time in our space and we are very proud to be at the center of it,” Lyst founder and CEO Chris Morton says. “Our model has grown exponentially in the USA and U.K., and this round of funding allows us to take Lyst to fashion consumers around the world. We are already seeing a higher conversion by as much as five times through our universal cart—its widespread adoption by the industry’s leading brands and stores is a testament to the unique platform we have built and the volumes of sales it is generating.”
Lyst’s total sales since its 2011 launch stand at $150 million, up from $40 million 12 months ago, according to the company. Lyst allows shoppers to choose items from several of its 11,500 affiliates and check out once with a universal shopping cart. The company collects an affiliate fee from each sale. The site boasts an average order value of $400 and works with such key fashion brands as J. Crew, Barney’s, Valentino, Burberry and Topshop.
Lyst is one of several online fashion malls that raised major funding in 2015. Farfetch, another U.K.-based fashion aggregator, raised $86 million in March, and has a valuation of $1 billion.