LVMH Moët Hennessy Louis Vuitton SE led another round of financing for fashion search and e-commerce platform Lyst Ltd., supporting the London-based company's bid to expand into new markets and grow its London and New York teams to improve the platform's search and discovery functionality.
With the funding, Lyst aims to continue building its data capabilities and invest in its consumer brand, the startup told S&P Global Market Intelligence in a statement.
As part of the luxury giant's investment, LVMH Chief Digital Officer Ian Rogers will join the e-commerce firm's board of directors.
While Lyst declined to disclose the amount, citing terms of its agreement with LVMH, the Financial Times (London) reported May 24, citing a person familiar with the matter, that LVMH's investment was under $60 million.
This is the French conglomerate's second investment in Lyst and could indicate LVMH's plans of taking over the e-commerce company, Sky News reported May 13.
Aside from LVMH, Lyst is backed by retailers including YOOX Net-A-Porter Group SpA, Michael Kors Holdings Ltd. and Draper Esprit, according to the U.K. company's LinkedIn profile.
