Lyst, a well-known fashion search platform, recently unveiled its financial results for the fiscal year ending on March 31, 2020. Despite facing the unprecedented challenges brought on by the global pandemic, the company announced a remarkable revenue growth of 26%, reaching a total of £23 million. This growth rate represents a significant acceleration from the 20% increase reported in the previous year and is particularly impressive considering the steep 49% growth rate experienced prior to the pandemic. However, Lyst also disclosed that its operating loss widened to £11.79 million, compared to £7.36 million in the preceding year, leading to a final loss of £11.4 million, nearly doubling the loss from the year before.
In light of these challenges, Lyst has remained steadfast in its efforts to expand its operations and enhance its functionality across its mobile web and app platforms. The company has also taken steps to tailor its product offerings to local markets, with the introduction of six new international sites contributing to a remarkable 160% surge in international revenue. Moving forward, Lyst is dedicated to further developing its app business, broadening its global footprint, and fortifying its data capabilities to sustain revenue growth amidst the ongoing pandemic.
While Lyst maintains a positive outlook on its future prospects, the company is cognizant of the potential obstacles that may lie ahead. The uncertain global economic recovery poses a significant risk to its operations, and fluctuations in the exchange rate between the US dollar and British pound could impact the company’s financial standing. Despite these challenges, Lyst is confident in its ability to navigate the road ahead, believing that it has ample cash reserves to withstand any prolonged downturn. With a strategic approach and a resilient mindset, Lyst is poised to overcome obstacles and drive continued success in the dynamic landscape of the fashion industry.
Useful links:
1. Lyst Official Website
2. Statista – Online Fashion Industry Insights
