Lyst, a fashion start-up established in 2010, has experienced a remarkable boost in its revenues due to its aggressive expansion strategy, which involves penetrating new markets. According to the latest financial report, the company’s annual revenues surged by 20% to £18.2 million for the fiscal year ending on March 31, 2019.
However, alongside the revenue increase, Lyst also saw its losses more than double to £6.2 million during the same period. Despite this, the Co-Founder and CEO, Chris Morton, remains optimistic about the company’s future prospects. He highlighted that millions of global shoppers utilize Lyst’s platform to discover fashion items from a vast array of designers and retailers such as Burberry, Net-A-Porter, and Prada.
Last year, Lyst secured £44 million in funding with luxury conglomerate LVMH leading the investment round. Lyst utilized this capital injection to introduce new marketing strategies, develop a new app, and expand its team. The introduction of new international platforms in France, Germany, Spain, and Italy generated £985,000 in revenues within their initial months of operation.
Building on its success in key markets like the UK, the US, Canada, and Australia, Lyst made the strategic decision to venture into additional territories. The appointment of Bradley Horowitz, a high-profile Google product executive, to its board of directors demonstrates Lyst’s dedication to further expansion and innovation.
In conclusion, Lyst’s bold approach to expansion has proven to be profitable, yielding substantial revenue growth despite higher losses. The company’s emphasis on exploring new markets, enhancing marketing strategies, and embracing technological advancements positions it favorably for sustained success within the competitive landscape of fashion e-commerce.
For further information, please visit Lyst’s official website and check out their latest updates here. To explore more about the global luxury conglomerate LVMH, visit their website here.
