Lyst, a major player in the fashion search industry, has released its financial results for the fiscal year that ended in March. Despite reporting a larger loss compared to the previous year, the company experienced substantial revenue growth and an increase in its membership.

During this period, Lyst generated a total revenue of £41.6 million, marking a 17% increase compared to the previous year. This revenue growth can be attributed to the company’s efforts in expanding its reach through various marketing channels. As a result, Lyst welcomed a total of 182 million unique visitors, a significant increase from the 156 million visitors in the previous year. Additionally, the company’s membership base doubled to 18 million, highlighting its shift towards a business model focused on its members.

While these strategic investments contributed to revenue growth, they also resulted in a larger negative EBITDA of £27.2 million, compared to the £7.9 million loss reported in the previous year. Furthermore, administration expenses rose significantly from £44 million to £69 million, leading to a net loss of £27.6 million for the company, surpassing the £10.1 million loss of the previous year.

In light of the need for profitability, Lyst has expressed its plans to pivot its digital marketing strategy. The company aims to focus on channels that deliver a positive return on investment, rather than pursuing accelerated growth. Additionally, Lyst intends to implement careful cost management and reduce its headcount to improve its financial performance. The company also plans to strengthen its value proposition to partners and enhance personalization for customers, in order to further grow its membership base. Lyst believes that these long-term measures will not only increase its user base but also improve its unit economics.

Overall, despite experiencing wider losses, Lyst’s consistent revenue growth and the significant increase in its membership numbers showcase its strong position in the fashion search industry. By prioritizing profitability, implementing effective marketing strategies, and enhancing customer experience, Lyst aims to secure its long-term success in the market.

Useful links:
1. Lyst Official Website
2. Lyst Financial Results Article