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“On the heels of Farfetch raising $86 million last month, another fashion commerce startup out of London has picked up a significant round of funding. Lyst, a site that lets people shop across some 11,500 different online stores using a single check-out, has picked up $40 million in a Series C round of funding.”

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Decoded Fashion - Fashion Tech Daily - Lyst
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“Lyst’s revamp puts original content at the forefront of its homepage, an area of Lyst’s brand that it hasn’t truly begun to push yet.”

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Decoded Fashion - Fashion Tech Daily - The new Lyst

Decoded Fashion Meetup London April 2014

After launching in Paris, Dublin and Berlin, it was time to head back to London for our Meetup. Having recently moved into the old White Cube gallery, what better way to settle in to our new home in Hoxton Square, than a Meetup looking at “New Ideas in Ecom and Mcom”.

We kicked off with a discussion with three of our top partners for the upcoming London Hackathon and Summit this May; Gemma Ebelis from the British Fashion Council; Jen Rubio, Head of Innovation at AllSaints; and Chris Morton, founder and CEO of Lyst.

All speakers come from very different walks of the industry, all flying the flag for the importance of the Hackathon for the fashion industry. The discussion got the creative juices flowing and our minds bulging with ideas of what we want to create – so people get involved and make an impact!

We all know ecom and mcom without a doubt are inextricably linked, and Morton revealed that 40% of users experience Lyst on their mobiles. The use of affiliate marketing is often not ideal for online fashion retailers because of this, as it makes mobile shopping slower and less intuitive. That’s why Lyst created the universal checkout!

The BFC are just moving into their fifth pillar, and yes you guessed it, it’s digital innovation. Ebelis highlighted (the many) mountains that designers face when starting off, with the two biggies being business know how and in particular the offline and online time-to-market is crucial to a brand’s success.

AllSaints’ Rubio has deep knowledge of the startup world, working with Warby Parker before taking on her current role. She talked about the importance of startups understanding how the fashion industry, and businesses in general, function in order to develop the right technology. But she also stressed that there has to be an effort from the brands’ side – fashion brands need to make adjustments to their internal structure to be able to accommodate startups efficiently. “We found that, ultimately, it all boils down to this: startups need to think about how they can help fashion brands improve their customer experience”.

Up next our showcase of three startups: Nuji, Provenance and WonderLuk. Three very different concepts and we were impressed with them all! Nuji have created a very cool intuitive mobile app design that is fun and lets users do everything “with the swipe of one thumb.”

Provenance’s concept empowers producers and retailers to be more open about the things they create by allowing them to showcase their products’ stories. A social element also lets customers take a more proactive approach, by enabling them to contact producers directly on site and ask them questions.
And our final startup for the “Wonderwoman” in all of us! Recently launched WonderLuk were our final startup, a made-to-order jewellery brand that uses 3D printing.

See you next time London!

 

Lyst Loves Mary Katranzou

On the first day of London Fashion Week, Lyst announced a new partnership with top iconic British fashion designer, Mary Katrantzou. Lyst are exclusively retailing a selection of the brand’s limited edition Spring 2014 resort collection, these pieces are only available on Lyst.com in the USA.

Launching on Valentine’s Day at the start of LFW, the collection comprises of ten garments, including the iconic Lanta & Nevis dresses.  It is hugely exciting to see two innovative brands coming together, but also importantly marks Lyst’s first exclusive retail partnership (a sign of things to come).

This partnership comes shortly after Lyst announced an impressive $14 million round of investment and the launch of Mary Katrantzou’s own ecommerce site, back in November 2013. The collaboration is likely to give the designer a much further reach in the states and it is an exciting new proposition from the Lyst team.

Check out the cute Instagram video and spread the love #Lyst Loves Mary Katranzou.

Reported by Anisa Sojka

This year could not have started better for Lyst, the London born eCommerce platform! Today, the company announced a $14 million dollar investment, led by Balderton Capital, one the largest venture capital firms in Europe.

Lyst works with some of the world’s leading brands such as Saks, Burberry, J.Crew, Net-A-Porter and Balenciaga In order to provide consumers a more personalized approach to the latest trends.

In 2013, the business grew over 400%. Lyst currently generates over $60 million annually in sales due to its 2 million monthly users and it is backed by a range of investors including  Accel Partners (Facebook, Spotify), DFJ (Skype, Hotmail) as well as the teams behind Oscar de la Renta and Tory Burch.

The investment led by Balderton, a company which had previously invested in YOOX, will enable Lyst to grow and position themselves as an e-commerce leader in the fashion space. “We’re thrilled to have Balderton join us on our journey.” stated

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Chris Morton, Lyst CEO and cofounder. “2013 was an amazing year for us, particularly as we launched fashion’s first universal shopping cart, which is revolutionizing the space by enabling shoppers to check out from multiple brands and stores in a single step on site.”

Lyst’s main focus will be internationalization and hiring new talent throughout New York and London.

The company, which launched in 2010, has now raised over $20 million.  In 2013, Lyst was recognized by the British Government as one of the fastest growing companies in the UK. It has also won the TechCrunch top award for the leading European startup in Fashion, Art or Music.

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During our latest meetup, Decoded Fashion’s showcase: Rising Social Discovery, we introduced three fashion websites that will captivate you, Polyvore, Lyst and Bib & Tuck. All three have made fashion more accessible to the online user, while also creating a fashion community where users can share styles and surround themselves with trustworthy fashion aficionados.

Polyvore, a fashion platform where users can mix and max their favorite items from any e-commerce site on the web, has grown quite a lot since it started in 2005, but co-founder Jess Lee (Skyping in above) said that collaborating with brands was one of the most influential moves. She explained that it has attracted more shoppers—around 20 million users monthly—along with valuable partnership that have contributed to its popularity. Building brand ambassadors was also stressed, and the company’s main focus is still to remain loyal to their customers and always show how important they are to them.

Lyst, which brings together hundreds of brands and retailers’ ecommerce sites into one place to make shopping more personalized, also stressed the importance of building partnerships, be it with brands or bloggers. Lyst has reached out to inspirational style celebrities and popular bloggers, such as Nina Garcia and Sincerely Jules. Vice President of Business Development Hilary Peterson advised that a partnership is always a great way to get started. If the option is there, take it. Lyst now has partners in over 120 countries, but Peterson noted that the main growth comes from mobile visits—exactly why the Lyst app drops in two weeks.

Bib+Tuck, launched in November 2012, relies on building customer loyalty rather than brand partnerships, as the site specializes in vintage resale. The site allows women to “shop without spending.” How does this work? Users can post pieces they no longer want and sell them to other community members for Bib+Tuck currency, Bucks. Then, these Bucks can be used to buy a different item on the site. It’s a virtual clothes swap.

Since the site is still fairly new, their goal at this point is to create a brand identity and personality, understand who their customers are in order to target that specific user. Co-founder Sari Azout expressed their devotion to putting as much attention to the customers as to the company, making the customer feel like they belong to a community, not a marketplace.