Luxury conglomerate LVMH is reported to be leading a multi-million pound funding round into fashion search platform Lyst.
According to Sky News, Lyst will announce this week that it has secured the group as the lead investor in a funding round that will lead to a cash injection of anything between £50m and £100m.
Founded in 2010 by entrepreneur Chris Morton, Lyst brings together the fashion offers of more than 11,000 brands and retailers globally into one searchable platform, and is said to have more than 70m users.
The business last raised funding in 2015 when investors such as Groupe Arnault (LVMH’s controlling shareholder), Balderton Capital and Accel Partners came on board.
LVMH recently announced the establishment of a new accelerator programme for start-ups in the luxury space. Called La Maison des Startups, the programme is based out of the Station F start-up campus in Paris and comprises 50 international start-ups annually.