Lyst, the upscale fashion search-to-retail platform based in London, is reportedly considering going public through an initial public offering (IPO) after securing $85 million in funding from multiple investors. The recent fundraising round, which includes investors such as Fidelity and C4 Ventures, is being positioned as a pre-IPO round, suggesting that Lyst could potentially go public within the next year. Carmen Busquets, co-founder of Net-a-Porter, has also increased her investment in the company.
As a major platform for discovering premium and high-end fashion, Lyst boasts approximately 150 million users. The company has experienced significant growth in both users and gross merchandise value, surpassing $500 million, largely due to the impact of the pandemic. However, Lyst has not made any official statements regarding its fundraising efforts or plans for an IPO.
Sky News, which reported on the fundraising round, has mentioned that Lyst’s overall valuation has not been disclosed. Furthermore, while an IPO is being considered for next year, there is no information regarding the listing location. Given the recent trend of high-profile IPOs choosing exchanges outside of London, such as Farfetch listing in New York and Pepco opting for the Warsaw exchange, the UK government may be eager to attract Lyst to the London Stock Exchange (LSE) to maintain the city’s reputation as a financial hub, especially following Brexit. However, London has recently seen notable listings, including The Hut Group and Dr Martens.
Founded by Chris Morton in 2010, Lyst has experienced rapid growth since its last major fundraising round in 2018. Existing investors in the company include Draper Esprit, Accel, Balderton Capital, and LVMH.
Overall, Lyst’s recent funding and potential IPO plans highlight its promising position in the fashion industry. With its large user base and successful track record, the company has the potential to become a significant player in the global fashion market.
Useful links:
– Lyst Official Website
– London Stock Exchange
