Subscribe to: Apple Podcasts • Stitcher • Google Play • Spotify
If you’re an avid fashion shopper, you’ve probably heard of Lyst. The 12-year-old shopping app has the largest selection of premium and luxury fashion online in one place, according to the company’s newly appointed CEO, Emma McFerran. McFerran joined the company in 2014 and has risen through the ranks in her latest position, which was officially announced in July.
In her new role, McFerran is committed to fine-tuning Lyst’s app to strengthen the user experience. “Our members are our strongest team. … We use information and technology. [from the app] To drive recommendations, which are personal [consumers]. The more we learn about you, the better the gifts,” McFerran said on the latest episode of The Glossy Podcast.
In May 2021, the company announced $85 million in “pre-IPO” funding. As Lyst focuses on expanding the business under McFerran’s leadership, eventually going public and expanding its offerings and brand partnerships remain top priorities.
Below are additional highlights of the discussion, slightly edited for clarity.
List customer identification
“One of the challenges when 200 million people use it [Lyst] There are different groups and archaeologists. What we see in terms of behavior is that there are some power consumers who know what they like, the brands [they like] And what are you doing? they use [Lyst] As a secret weapon, ‘a list helps me keep track of what I want.’ … We can have a sustainable consumer. [Lyst] It can help with our edits, showing you which brands are sustainable and where you can find a collection of items that work for them. We have these groups [of shoppers]But it varies according to the following things and where you are in the world.
Profitability and balance
“B [Lyst]It has always been and will be in the future that we serve our customers right and want to come back to us. The magic of driving profitable growth is that you have these loyal users who love your product and want to come back to shop on Lyst. This is our focus. [However], most businesses need to shift the dial more towards profitability and move away from being all about growth at all costs. If you have a solid business model that goes back to, ‘Are we building something that creates customer value? And that’s the core of our engine?’ Then you should be able to navigate these moments and this time very well.
Expectations for the holiday
“We are seeing trends emerge. It’s a very exciting time, because different livelihood crises are happening around the world and many people are affected. There is much speculation as to what consumers might do at this point. We are seeing, perhaps unsurprisingly, that luxury and premium continue to take more share. Fast fashion is on the decline. There is some interesting stuff around what customers do with their needs. [funds] Because we hear that people are pulling back at this moment. Some of the insights I’ve been gathering suggest that people might not be buying a new car or going on a big vacation, but they might still get dressed and buy themselves a new pair of shoes or a party outfit. I don’t have a crystal ball, but I think we’ll see those tree gift purchases continue. People are happy and still want to do those things, but it continues to lean more towards luxury.