Business of Fashion reports, “Fashion platform Lyst has forged a strategic partnership with the world’s largest luxury conglomerate as the e-commerce market heats up. Lyst is raising $60 million of which LVMH has contributed roughly 45 percent, according to market sources. Lyst — essentially a digital shopping mall that aggregates millions of fashion products from brands, department stores and boutiques under one virtual roof.”
What does this mean for the future of luxury online shopping? With LVMH investing in Lyst, it shows that they know young luxury shoppers aren’t just going to boutiques to shop and browse—they research and buy online. About 9 percent of all luxury purchases happen online. It’s good to see a historic brand evolving and believing in technology, instead of ignoring it and being set in their ways.
What is Lyst doing with this investment? Business of Fashion reports, “Specifically, Lyst aims to allow consumers to discover fashion items by entering search terms like “Kardashian dress” or “job interview” much like they can find Spotify playlists that are perfect for workout sessions or weekend barbeques.
“Spotify was just a search platform. You had to search by artist or DJ, and it was quite a useful experience, but it was only helpful if you knew exactly what you wanted,” Morton explained. “But then we realized: customers don’t only search that way, they also searched by a mood, or by occasion or by other culturally relevant hooks.””
If you’re not familiar with the LVMH conglomerate, here’s a partial list some of LVMH’s best-known brands and subsidiaries:
Château Cheval Blanc
Moët & Chandon
Le Bon Marché
Make Up For Ever
Parfums Christian Dior