Lyst (a leading global fashion shopping platform) announced it has entered into a definitive agreement to be acquired by ZOZO, which operates a leading fashion e-commerce platform in Japan, for $154 million. Following the deal’s closing, Lyst will become a wholly owned subsidiary of ZOZO. ZOZO and Lyst together share a vision to transform the online fashion shopping experience by bringing joy back to fashion discovery.
Lyst connects 160 million shoppers annually with 27,000 of the world’s best premium and luxury brands and retailers through an asset-light model. Utilizing one of the largest data sets in fashion, Lyst combines AI with fashion intelligence to create new and immersive ways for shoppers to discover fashion through its app and website. Lyst’s unique positioning and perspective, sitting across the entire fashion industry, fuels The Lyst Index, an influential industry benchmark ranking fashion’s hottest brands and products every quarter.
ZOZO runs ZOZOTOWN, which is the leading fashion e-commerce platform in Japan, serving 12 million customers annually, and offering innovative shopping experiences through its proprietary measurement technologies including ZOZOMAT and ZOZOGLASS. ZOZO also develops and operates services including ZOZOFIT, a 3D body scan technology available in the U.S, outfit-sharing app “WEAR by ZOZO” and more.
The Lyst acquisition will form the cornerstone of ZOZO’s international expansion strategy as the Group further expands its global position. And Lyst’s strong footprint across the US, UK and Europe is complementary to ZOZO’s leading market position in Japan, providing pathways for both companies to expand into new markets.
Lyst’s growth strategy will be fully supported by ZOZO, who will be investing in accelerating the development of Lyst’s cutting-edge AI-based discovery experience. And Lyst will also benefit from ZOZO’s technology, including its expertise in lowering barriers to online fashion sales through innovative sizing and fit solutions, helping shoppers to make better choices and reduce returns. Lyst’s brand authority and intelligence will be further strengthened by leveraging ZOZO’s market leadership in Japan.
The acquisition is expected to complete before the end of the month. And following the acquisition, Lyst will continue to operate as a standalone business based in London, with Emma McFerran continuing as CEO.
Advisor: Rothschild acted as financial advisor to Lyst.
KEY QUOTES:
“This is an exciting moment for Lyst, and a win-win for our fashion ecosystem of shoppers and partners as we move forward as part of ZOZO Group. Our space is evolving fast, and we share a vision with ZOZO to build a better, brighter future for the industry, using AI and technology. With ZOZO’s scale, expertise and support, Lyst will be in an even stronger position to reimagine fashion discovery online.”
– Lyst CEO Emma McFerran
“Lyst has built an exceptional platform that aligns perfectly with our vision of creating more inspiring, joyful shopping experiences. Lyst’s industry credibility and unique brand voice, coupled with market-leading technology and scale, means they are uniquely positioned to redefine the space. Together, we will transform the future of fashion shopping online, as part of our ambition to “Inspire the world. Deliver joy every day.”
– ZOZO Executive Director Utahiro Inui
