Lyst Raise Pre-IPO $85m; Marie Claire US Acquired by Future | ExchangeWire.com
Summary
In today’s ExchangeWire news digest: fashion start-up Lyst raise $85m in the run-up to a planned IPO; the US edition of Marie Claire magazine is acquired by media platform Future; and VideoAmp secure $75m in funding from Capital IP. In a statement, Lyst founder and CEO Chris Morton said “While our app and website already enjoy very large audiences in the USA [and] Europe, fashion e-commerce remains under-penetrated in general, with huge growth potential globally. We’re excited to use this raise from top-tier investors to continue personalising the fashion shopping experience to each of our millions of customers, while helping our partner brands thrive”. Run as a joint venture between Marie Claire Album S.A.S and Hearst Magazines Media, the US edition will be owned by Future under a 5-year licensing agreement. The firm are expected to use the latest cash injection to hire top-tier executives and to expand the headcount of their sales, client success, and engineering teams, as well as to bolster their own solution for the USD $160bn (£113bn) convergent TV market.
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