LONDON – Lyst, the London-based shopping platform, said Wednesday it has entered into a definitive agreement to be acquired by Zozo, Inc., a Japanese fashion e-commerce platform operator, for $154 million.
The acquisition, advised by Rothschild & Co, is expected to be completed before the end of April 2025.
Following the acquisition, Lyst will become a wholly owned subsidiary of Zozo. It will continue to operate as a standalone business based in London, with Emma McFerran continuing to serve as chief executive officer.
Zozo said the acquisition of Lyst will form the cornerstone of its international expansion strategy, while Lyst’s brand authority and intelligence will be further strengthened by leveraging Zozo’s market leadership in Japan.
Since 2019, Lyst has become a credible source for the fashion industry on what’s trending with its quarterly brand and product rankings. On several occasions, the rankings predicted the financial performance of certain brands, such as the soaring popularity of Miu Miu in recent quarters.
Utahiro Inui, executive director at Zozo, said: “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,’” Inui added.
Emma McFerran
DAVID WOOLFALL PHOTOGRAPHY
McFerran, who led Lyst to achieve profitability for the first time in 2024 amid the recent downfall of several luxury e-tailers, called Zozo’s acquisition a win-win for its fashion ecosystem of shoppers and partners.
“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,” she added.
With Zozo’s support, McFerran said Lyst will accelerate its growth and investment in AI discovery technology while maintaining its business in the U.S., the U.K., and Europe; three of its biggest markets among the 190 countries and regions it serves, representing 30 percent, 25 percent, and 20 percent of the business, respectively.
With 160 million annual active users, Lyst said it has the largest fashion assortment, with almost 10 million in-stock products on the platform. It partners with 27,000 brands and retailers and exceeded a gross merchandise value of 600 million pounds in the last financial year.
“We’ve got deep tech at our core, particularly in AI-driven personalization. Zozo has lots of strengths and things like UI and size and fit tech. There are opportunities for us to partner together and invest in our growth,” said McFerran, who joined Lyst in 2014 and has since risen through the ranks to become CEO in 2022.
“I’m proud of my team and what they’ve built to date. They deserve all the praise and celebration, so we will find the right ways to honor them,” added McFerran, who is part of a “small but mighty” team of 150 people working from an office situated not far from the Tower of London.
In Japan, Zozo runs Zozotown, a fashion e-commerce platform with 12 million annual customers. It provides novel shopping experiences through its proprietary measurement technologies, including Zozomat and Zozoglass. It also operates services including Zozofit, a 3D body scan technology, and Wear by Zozo, an outfit-sharing app.
