The funding helps Lyst’s valuation hit the $700M mark. Here are the top-line bullets you need to know.
Lyst, a global fashion search platform, has raised $85M in a Series D funding round. The round drew participation from Accel, Balderton Capital, Fidelity International, C4 Ventures, LVMH, and more.
How’s the company performing?
- UK-based Lyst is an e-commerce platform that allows users to search and purchase high-end luxury and contemporary fashion products.
- The company has over 5M products listed from 12,000 retailers and brands on its platform.
- Lyst recorded over 70M shoppers across 120 countries on its platform in 2020 with more than 10M in monthly search volumes.
- The company states that its GMV was over $500M and saw its user base grow 1,100% in 2020.
- Balenciaga, Burberry, Bottega Veneta, Gucci, and Prada are some of the brands listed on its platform.
Why does the market matter?
- The global online fashion retail market is growing at a CAGR of 27.1% and is expected to reach $3.7B by 2025, according to The Business Market Insights.
- The fashion industry will reach a $3T valuation in a decade, as per CB Insights. Technological advancements like augmented reality and chatbots alongside rapidly evolving fashion trends have all contributed to the industry’s growth.