Morton will continue to serve as the fashion e-commerce app’s executive chairman, focusing on strategy, partnerships and financing, but will hand over day-to-day leadership to current chief operating officer Emily McFerran in September, the company said Wednesday.
Lyst, which raised $85 million in a “pre-IPO” round last year, has also hired former Hotel.com and Expedia executive Liz Kinstruck to serve as chief financial officer.
The company said the leadership reshuffle positions it to maintain a leading position in the fast-growing but highly competitive online fashion market, where both digital heavyweights and luxury incumbents have struggled to turn a profit.
”It’s increasingly clear that we have a unique opportunity ahead of us — my biggest fear is that we don’t take advantage of it,” Morton said in a statement. “The market is accelerating and changing fast in the current environment — both of these offer tremendous tailwinds for our business.”
Though Lyst isn’t profitable, the company’s revenue rose more than 50 percent to £35.4 million ($42.1 million) in its financial year ending March 31, 2022, according to a public filing.
Learn more:
Why Investors Are Betting on Lyst
The platform raised an $85 million ‘pre-IPO’ round on the back of a fast-growing luxury e-commerce market and significant steps towards realising its ‘Spotify for fashion’ vision.
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