London-based e-commerce site Lyst has announced a major new backer - Groupe Arnault, the investment firm controlled by LVMH CEO Bernard Arnault. Lyst has received a new $40 million round of funding from Groupe Arnault, Accel Partners, Balderton Capital, DFJ, 14W and an unnamed New York hedge fund, according to media reports.
Lyst is among the many companies that aim to be an online shopping mall for fashion.London-based e-commerce site Lyst has announced a major new backer - Groupe Arnault, the investment firm controlled by LVMH CEO Bernard Arnault. Lyst #
Not only does it partner with designers and brands, but Lyst also makes it easier for online shoppers to pay for items they buy from Saks Fifth Avenue, Harrods, Valentino, J. Crew, and Neiman Marcus. It has a universal online shopping cart that lets customers shop across different designers and stores, but pay for everything they buy at once in a single checkout.
Lyst’s latest fundraising will fuel its expansion internationally at a time of intense competition in fashion. Lyst also plans to build websites for individual countries. China is one of Lyst’s fastest growing markets.
Lyst faces stiff competition from a number of e-commerce players including Net-a-porter. And online retailing giant Amazon is looking to further its presence in the fashion vertical as well. (SH)
Fibre2fashion News Desk - India
marketing@alchempro.com
