LVMH, the luxury conglomerate that owns high-end brand Louis Vuitton, has invested an undisclosed amount in online fashion search platform Lyst.
The total investment raised in the financing round is thought to be between £50m and £100m.
As part of the deal, LVMH chief digital officer, Ian Rogers, will join Lyst’s board.
The investment will go towards international expansion, growing Lyst’s teams in London and New York, and improving technology including its search algorithms.
Lyst’s last round of funding three years ago raised $40m from investors Groupe Arnault (the family office of LVMH chairman and chief executive Bernard Arnault), and venture capital firms Accel, and Balderton.
Since the last round of funding Lyst has become profitable and revenues have increased by 400%. Last year the platform provided search services to over 70 million shoppers from more than 120 countries. The app lists around 12,000 upmarket brands and retailers including Fendi, Gucci, Net-a-Porter, Farfetch and SSENSE.