Lyst's goal is to provide consumers with an overview of the broad online offerings of fashion brands and retailers. LVMH, the global leader in luxury goods, joined the company in 2017. Lyst has been profitable since December 2017 and increased its external sales by 45 percent to 270 million euros in fiscal 2018. Lyst currently employs 119 people in London and New York.
Kevin Underwood spoke with Katy Lubin, Head of Global Communication at Lyst.
With the online search engine for fashion, Lyst, you have now also started in Germany. Since 2010 you are online in England, can you tell us why the founder came up with the idea
to found Lyst and how long you have been there?
Lyst's founder and CEO Chris Morton came up with the idea for Lyst after watching his housemates struggling to find clothes online. He decided to connect up the fragmented world of fashion shopping, to make a powerful engine that lets you search all of the world's best brands and products from one destination. I've been a part of the Lyst team for 4 years, helping to working towards realising Chris' vision!
How did you get this job at Lyst?
Before working at Lyst I worked in PR roles at the Net-a-Porter group and the British Fashion Council. I had always been interested in the intersection of fashion and technology, and I was intrigued by the problem Lyst was trying to solve for customers. I knew there was huge potential in what Lyst was doing, and as I learnt more about the company I was excited to see
that they were using cutting edge data science and technology to build something groundbreaking. I met Chris and the team and the rest is history!
Do you personally adapt to fashion trends?
I have always been interested in fashion, but I'm not the most adventurous person when it comes to dressing up every day... as I've got older I've settled into a pretty relaxed signature style and I'm normally in jeans and sneakers. But I love to see people use clothes to really express their unique personality. I follow lots of amazing influencers and editors on Instagram to see their outfits, and I love reading the fashion press.
The global leader in luxury goods, LVMH, has invested in your company. What are Lyst's plans for the future and how will they be implemented?
We have so many exciting plans, from developing our core product and app to launching Lyst in more international markets. We are a business that moves fast and likes to try new things, so we're always innovating and experimenting in the fashion search space. That's all I can say 😉
Lyst already exists in other countries such as the USA, Australia and Canada. What are the differences to the German fashion market? How stylish are Germans compared to other countries?
Germany is one of the largest ecommerce markets in Europe, which also means that there is very strong competition. Equally, Lyst rely on the extensive potential of the German online fashion market. We are currently working on an analysis of the German online fashion shopping behaviour which will be released on Tuesday, 12th of March. What I can say is that German shoppers are very diverse when it comes to their style, ranging from high end luxury to minimalistic and streetstyle. Stay tuned for all the details on Tuesday.
Lyst publishes a quarterly fashion ranking of the most popular brands and products. What were the biggest surprises in 2018? Which luxury brand was particularly convincing in 2018?
Gucci and Balenciaga dominated the Lyst Index over the course of 2018, but it was amazing to watch Virgil Abloh's cult label Off-White race up the chart. The hottest products lists
were packed with shoes and accessories, and luxury sneakers and streetwear collaborations alsodid well. There were some key product trends that developed over the four quarters; we saw 90s
nostalgia, chunky footwear and prominent logo pieces perform exceptionally well. There arealways some surprising results; last quarter's hottest products included a pair of pink fluffy Ugg
slides, a very impractical Winter shoe but it would have looked amazing on Instagram.
Which luxury brands do the rich and beautiful particularly like to wear?
I think luxury means different things to different people - Lyst shopping data shows that Millennial and Gen Z customers are investing in high end streetwear and sportswear pieces,
statement sneakers and performance engineered technical clothing with instantly recognisable logos and designs. But there's still a huge demand for beautifully crafted tailoring and more timeless designs from heritage brands. I think it's an exciting time for fashion when the most wanted luxury items now include everything from a classic Louis Vuitton bag to a futuristic Nike sneaker.
Thank you so much for the interview. www.lyst.de