Fashion e-commerce has taken the industry by storm, with online sales estimated to grow to $1 trillion by 2025. The success of fashion e-commerce platforms can be attributed to their ability to provide consumers with a convenient, personalized and immersive shopping experience. Lyst is one such platform that has been disrupting the industry. In 2019, the platform raised $85 million in a funding round, bringing its valuation to over $1 billion. In this article, we will explore how Lyst is changing the fashion industry and what sets it apart from its competitors.lyst 85m 700mlundentechcrunch
The Lyst Platform
Lyst is a fashion search and discovery platform that was founded in 2010. It aggregates fashion products from over 12,000 online stores and brands, providing a one-stop-shop for consumers. The platform offers a personalized shopping experience by using artificial intelligence to recommend products to customers based on their browsing history and purchase behavior. It also enables customers to track the availability and price of products, making it easy for them to make informed buying decisions.
One of the unique features of Lyst is the ability to search for fashion items using natural language queries. Customers can simply type in what they are looking for, and Lyst’s algorithms will search through its vast collection of products to provide the most relevant results. This feature makes it easier for customers to find what they are looking for, without having to navigate through complex search filters.lyst 85m 700mlundentechcrunch
The Lyst 85M 700ml Funding Round
In 2019, Lyst raised $85 million in a funding round led by LVMH, the French luxury goods conglomerate. The funding round also included participation from other investors such as Balderton Capital, Accel, and 14W. This funding brought the total amount raised by Lyst to $160 million and increased its valuation to over $1 billion.
The funding round was a significant achievement for Lyst, as it demonstrated the platform’s potential and ability to attract investments from some of the world’s most prominent investors. LVMH’s investment in Lyst was particularly notable, as it signaled the luxury giant’s recognition of the potential of the platform to transform the fashion industry.lyst 85m 700mlundentechcrunch
Lyst’s Competitive Advantage
Lyst’s success can be attributed to its ability to differentiate itself from other fashion e-commerce platforms. Unlike other platforms that focus on providing a marketplace for individual sellers, Lyst partners with fashion brands and retailers to offer a wide range of products.
Lyst also offers a unique feature called “The Lyst Index,” which is a quarterly report that ranks fashion brands and products based on consumer search and purchasing behavior. This report provides insights into consumer preferences and trends, enabling fashion brands to make data-driven decisions about their product offerings.
Another advantage of Lyst is its focus on sustainability. lyst 85m 700mlundentechcrunch The platform has launched initiatives to promote sustainable fashion, such as the “Conscious Collection,” which features products made from sustainable and eco-friendly materials. This focus on sustainability aligns with the growing consumer demand for sustainable and ethical fashion.
Challenges and Opportunities
Despite its success, Lyst faces several challenges as it seeks to grow and expand. One of the primary challenges is competition from other fashion e-commerce platforms such as Farfetch and Net-A-Porter. These platforms have also raised significant amounts of funding and are aggressively expanding their offerings. Lyst also faces challenges lyst 85m 700mlundentechcrunch in dealing with the complex supply chain of the fashion industry. The platform must manage relationships with a vast network of fashion brands and retailers, and ensure that products are delivered on time and in good condition. However, Lyst also has significant opportunities for growth. The fashion e-commerce market is growing rapidly, and Lyst is well-positioned to capitalize on this trend.