LVMH primed to lead multi-million pound raise for UK fashion site Lyst

 
Alys Key
Follow Alys
FASHION-FRANCE-LOUIS VUITTON
LVMH is throwing its weight behind the London-headquartered Lyst (Source: Getty)

Louis Vuitton owner LVMH is leading a major funding round for fashion search engine Lyst.

The luxury giant is the main investor in a major round, which could bring in as much as £100m, according to Sky News.

A representative for LVMH declined to comment.

Read more: The luxury industry is on a high after LVMH beat expectations

UK-based company Lyst is a rival to the likes of Farfetch and Matches Fashion. Founded in 2010, it lists products from the likes of Balenciaga and Gucci and reaches around 70 million users a year.

The platform uses algorithms to personalise shopping experiences. It then takes a commission if users make a purchase through one of its listings.

The funding round, which is expected to be announced next week, comes as the big players in fashion ramp up their digital capabilities.

The group previously gained the backing of Groupe Arnault, LVMH's biggest shareholder, at its 2015 funding round, which raised $40m (£29.5m)

Both LVMH and Farfetch have this year launched startup accelerators to tap into new ideas for online retail, while luxury conglomerate Richemont is getting in on the market with its offer for Yoox Net-a-Porter.

Farfetch is also rumoured to be listing in New York this year with a $5bn valuation.

Read more: Luxury shopping website Farfetch is launching its own startup incubator

Related articles