Lyst is now $40 million richer and ready to expand into the international arena at the conclusion of its latest funding round, Fortune reported today (April 30). The eCommerce site can now count Groupe Arnault, the investment firm controlled by LVMH CEO Bernard Arnault, among its investors, as the fund led a round that also saw participation from Accel Partners, Balderton Capital, DFJ, 14W and an unnamed New York hedge fund.
Apart from partnering with specific brands and businesses, Lyst is hoping to build a more “mall-like” experience for online shoppers with a universal online shopping cart that allows consumers to shop for goods in many locations, but only pay for everything in a single checkout. Lyst also looks to create a more personal and customized online shopping experience by curating clothing or accessories for buyers based on trends or other seasonal events.
Lyst monetizes its service by collecting affiliate fees on each sale.
The service has generated hundreds of millions in sales from brands on its platform, CEO and co-founder Chris Morton told Fortune. Morton also noted that his firm has tripled its revenue year-over-year for the past three years.
While its goals are impressive, they are not unique, as Lyst is not alone in wanting to be the unified mall of the web. Net-A-Porter (a business with a similar concept) has just merged with Italy’s YOOX, and Amazon is looking to take a bigger bite out of fashion as well.
Lyst hopes to beat back that competition with an international expansion, as that seems to be where business lines are gaining strength. According to Morton, China is one of the firm’s fastest growing markets.
He also said that the company will continue to push ahead on both the Web and mobile devices.
“We’re seeing a lot of traction with women who are using their laptops to shop at work and it makes sense to have a Web presence,” Morton told Fortune.