Lyst, a leading player in the field of fashion search, has released its financial accounts for the year ending in March. The company announced that its revenue reached an impressive £41.6 million, representing a 17% increase compared to the previous year. Known for its quarterly reports that provide valuable insights into the top brands, trends, and products in the luxury and premium sectors on a global scale, Lyst continues to make a mark in the fashion industry.
During this period, Lyst focused on expanding its reach through both existing and new marketing channels, resulting in a remarkable increase in unique visitors. The company recorded a staggering 182 million unique visitors, a significant jump from the 156 million in the previous year. Furthermore, Lyst experienced substantial growth in its membership base, with 18 million members, double the number from the previous year, showing the increasing popularity of its platform.
Despite incurring a negative EBITDA of £27.2 million due to investments in long-term strategic initiatives, Lyst’s revenue growth remained strong. The loss was considerably wider than the £7.9 million in the previous year. The company also saw a significant increase in administration expenses, rising from £44 million to £69 million. Consequently, Lyst reported a net loss of £27.6 million, considerably higher than the £10.1 million loss in the previous year.
In light of these financial results, Lyst recognizes the importance of prioritizing profitability in its future endeavors. The company plans to achieve this by shifting its digital marketing strategy towards channels with a positive return on investment and concentrating on sustainable growth rather than accelerated expansion. Additionally, Lyst aims to carefully manage costs and reduce headcount. The company also plans to strengthen its membership base, enhance its value proposition to partners, and improve personalization for customers to drive profitability. By adopting this long-term approach, Lyst is confident that it can not only increase its user base but also improve its unit economics.
Lyst’s latest financial accounts indicate both positive and negative aspects of its business performance. While the company has experienced revenue growth and a significant increase in members, it also faced considerable losses. However, with a strategic focus on profitability, cost management, and the further development of its membership base, Lyst aims to overcome these challenges and capitalize on its potential for long-term success.
For more information about Lyst and its financial accounts, visit their website here.
To explore Lyst’s quarterly reports on top brands, trends, and products, click here.
