On April 9, ZOZO, Inc. officially announced that it has acquired all shares of Lyst Ltd, a London-based fashion shopping platform, for $154 million. This marks ZOZO’s first full acquisition of an overseas company and represents a pivotal step toward full-scale global expansion.
Founded in 2010, Lyst is a fashion-specific platform that connects over 27,000 premium and luxury brands with more than 160 million annual users. Its key feature is an affiliate-based, asset-light model that operates without inventory or warehouses, enabling it to aggregate products from official brand e-commerce sites and global online malls. Lyst leverages AI and fashion data to offer a discovery-driven shopping experience. The company also publishes “The Lyst Index” every quarter, a benchmark that ranks the world’s hottest fashion brands and products.
ZOZO, known for its advanced sizing and fitting technologies like ZOZOMAT and ZOZOGLASS, has also developed services such as the outfit-sharing app WEAR by ZOZO and the 3D body scanning service ZOZOFIT, currently available in the U.S. Through this acquisition, ZOZO aims to merge its technological strengths with Lyst’s global reach and discovery capabilities, creating a new standard for the future of fashion e-commerce.
Regarding the acquisition, Utahiro Inui, Executive Director of ZOZO, commented: “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, as part of our ambition to “Inspire the world. Deliver joy every day.”
Emma McFerran, CEO of Lyst, also shared her excitement: “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.”
The acquisition is scheduled to be completed by the end of April 2025. Following the transaction, Lyst will continue to operate independently from its London headquarters, with McFerran remaining in her role as CEO. Rothschild & Co served as the financial advisor to Lyst in this transaction.
Through this acquisition, ZOZO plans to integrate Lyst’s AI-driven recommendation technology and global brand network with its own technological expertise in the Japanese market, delivering a more intuitive and discovery-rich shopping experience. Positioned as a core element of ZOZO’s international growth strategy, the deal represents a defining move as the company transitions from a domestic leader to a global fashion-tech player—highlighting the emerging potential of Japan-born fashion innovation on the world stage.
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