Lyst acquired by Japanese giant ZOZO in £119m deal

Lyst has announced it is being acquired by ZOZO, Inc., which operates the leading fashion e-commerce platform in Japan, for £119 million.

Following the acquisition, which is expected to complete before the end of April 2025, Lyst will become a wholly owned subsidiary of ZOZO, though Lyst will continue to operate as a standalone business based in London, with Emma McFerran continuing as CEO.

Together, ZOZO and Lyst "share a vision to transform the online fashion shopping experience by bringing joy back to fashion discovery".

Lyst already connects 160 million shoppers annually with 27,000 premium and luxury brands and retailers through a powerful, asset-light model.

Leveraging one of the largest data sets in fashion, Lyst fuses artificial intelligence 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.

Lyst CEO, Emma McFerran, said: "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."

ZOZO operates ZOZOTOWN, the fashion e-commerce platform in Japan, serving 12 million customers annually, and providing 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 US, as well as outfit sharing app WEAR by ZOZO.

The acquisition of Lyst will form the cornerstone of ZOZO’s international expansion strategy as the group further expands its global position. 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 invest in accelerating the development of Lyst’s AI driven discovery experience.

Lyst will also benefit from ZOZO’s technology, including its expertise in lowering barriers to online fashion sales through new sizing and fit solutions, helping shoppers to make better choices and reduce returns.

ZOZO Executive Director, Utahiro Inui, 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."