Lyst has confirmed it underwent a successful funding round following speculation last week, with luxury giant LVMH acting as its lead investor.
Though the online fashion retailer did not reveal the total investment raised, sources close to the matter suggested it was between £50 million and £100 million.
The investment comes as the Louis Vuitton, Fendi and Dior parent company continues to invest heavily in expanding its online presence.
Last month, LVMH revealed a new investment programme, which would see it invest in fashion and technology startups.
Lyst has said the investment will be used to drive continued international expansion, alongside growth in London and New York, with a heavy emphasis on its technology and data science teams.
“This is a time of transformational change in the fashion industry,” Lyst chief executive Chris Morton said.
“The shift to digital has enabled Lyst to redefine how customers search and discover fashion online – today we’re already among the top sources of new customers for our partners around the world.
“Our success to date is based on marrying cutting edge technology with deep fashion expertise. We are thrilled that this will be further strengthened by our partnership with LVMH.”
LVMH chief digital officer Ian Rogers added: “Ecommerce now represents multi-billion euro revenue and explosive growth for LVMH Maisons.
“As we continue to invest across the full spectrum of the online luxury experience, Lyst’s vision for a seamless fashion search and discovery destination, coupled with its exceptional growth potential, provides us with a unique opportunity.”