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Fashion startup Lyst, once valued at $700 million, has been acquired by Zozo, a Japan-based fashion and e-commerce business, for $154 million. Lyst, a high-end fashion marketplace with 160 million users, was facing headwinds including US tariff hikes, competition from Amazon and Temu, and pressure to show AI-driven growth. The acquisition gives Zozo a foothold in the UK and an international business. Lyst’s revenue has been flat in recent years, and the company has remained unprofitable, but the deal may provide better economies of scale to turn things around.
