Lyst - NOAH19 London

1. NOAH - October 2019

2.  @NOAHConference  @noah_conference  @noah-conference  @NOAHConference FOLLOW USONSOCIAL

3. Digital is changing the fashion customer journey The future of ‘Finding’ is still to be deﬁned in fashion, and it is a $100Bn+ opportunity. 1. Discovery “I love that style” 2. Finding “I’m looking for something to buy” 3. Buying “I will buy it” ? Brands PAST FUTURE 2 Magazines e.g. Vogue Social Media Malls e.g. Simon Group Retailers e.g. Barneys e.g. Instagram e.g. Fendi

4. 3 Create the leading platform the world’s fashion shoppers use to find what to buy. Our mission:

5. 2000 10% 1% 25% 2025 Leaders defined here 20192010 Leaders have won, hard to disintermediate 4 Penetration of online fashion The race is on to be the way shoppers ‘find’ fashion online Winners will be the multi-brand platforms, and they will be crowned in the next ﬁve years Offline models move online Native Digital Platforms emerge Leaders are defined and set

6. 5 Hotels Fragmented Merchants Consumer Platform Music TV Fashion This will play out in fashion Platforms with comprehensive selections win verticals Category leaders give consumers the best way to ‘ﬁnd’ and ‘discover’.

7. US Inventory 1M 2M 3M 4M 5M Net-A-Porter Revolve Saks Fifth Avenue Ssense Neiman Marcus Nordstrom Farfetch Lyst 4.00 0.240.120.060.030.030.030.02 Inventory continues to grow increasing our ability to help customers ﬁnd what they are looking for. Lyst has the largest fashion inventory 1. Customer proposition: Most comprehensive selection 6

8. Brands Curators Department Stores & Marketplaces: Gucci Saint Laurent Balenciaga Maison Margiela Prada Burberry Alexander McQueen Lanvin Kenzo J.W. Anderson Dolce & Gabbana Lanvin Fendi + hundreds more 24S Net-a-Porter Matches Fashion Mr. Porter Browns My Theresa Goop Revolve Flannels END Clothing Ssense Tessabit Luisa via Roma + hundreds more Neiman Marcus Farfetch Nordstrom Saks Fifth Avenue Bergdorf Goodman Lane Crawford Selfridges&Co Harvey Nichols Harrods Yoox Shopbop Lord & Taylor El Corte Ingles + dozens more We partner with the world’s leading brands & retailers including: 7

9. Luxury Brand A is one of the top global fashion houses today, with revenues over $1Bn+. Lyst is their top digital partner in UK and France. In the UK alone Lyst generates 50% of their brand’s ecommerce revenues. 15% 35% 50% Lyst Other Direct % Share of UK e-commerce Case study: Luxury Brand A depends on Lyst to power its ecommerce 8Note: Figures based on public reporting and publicly available trafﬁc sources

10. Fashion Retailer B is one of the largest global fashion ecommerce pure-plays, with a market cap of over $1Bn+. Lyst drives 18% of Fashion Retailer B’s online revenue in the UK, and 15% of their revenue in the USA. Case study: Fashion Retailer B depends on Lyst for revenue 9Note: Figures based on public reporting on FY2018 and trafﬁc sources 0% 5% 10% 15% 20% UK USA Traffic from Lyst Revenue from Lyst

11. Customers can rely on Lyst to show them every price for an item, directly from each brand or retailer. We show every price but never alter prices 2. Customer proposition: Right price $690 $685 $695 Neiman Marcus Farfetch Net-a-porter Pigalle 100 Black Pumps $685-695 10

12. Lyst tailors the experience to the customer 3. Customer proposition: Fully personalised Each user shares their fashion preferences when they ﬁrst use the App, allowing Lyst to customise the experience uniquely to them. Powered by machine learning Every interaction and user behaviour optimises the app further for each user. 11

13. We offer the best tools to find fashion 4. Customer proposition:Most powerful search Lyst search is powered by proprietary technology that delivers the most relevant search result and analyses patterns to inspire new searches Proprietary algorithms Bidding systems Predictive models Personalisation & user research + + + With data from 80M+ shoppers and 8M items 12

14. Over 80m+ customers used Lyst last year Luxury Shopper 13 52% 10% 38% $90 AOV Aspirational Shopper $270 AOV Contemporary Shopper $450 AOV Our customers are fashion lovers: 56% look at fashion online daily

15. 14 Last year we launched 10 new international sites… RussiaSwitzerland Austria Japan France Germany Spain Italy Belgium Netherlands

16. Global coverage of orders (last 6 months) Regional Split North America 44% Europe 46% Asia Pacific 7% Middle East 2% Africa & Latin America 1% Countries with orders Countries with no orders 15

17. 80% of app users have recommended Lyst to a friend The “Very Disappointed” score is a product market ﬁt metric developed by Sean Ellis former Growth lead for Dropbox & Eventbrite 0% 10% 20% 30% 40% 50% 60% 55% 51% 48% 23% How would you feel if you could no longer use …? Customers *really* love Lyst % who would be very disappointed: 16

18. Top-of-class engagement among app VICs App sessions per month25x VICs are highly engaged - using the App 25x a month - ie almost daily. VICs (Very Important Customers) generate 50% of app revenue, and purchase almost monthly through Lyst. 50% Share of app revenues (2019) AOV$550 VICs are luxury shoppers - 95% of their spend on Lyst is luxury. Most-purchased brands on Lyst by VICs – Gucci – Off White – Saint Laurent – Prada – Balenciaga – Valentino – Givenchy – Dolce & Gabbana – Fendi – Maison Margiela Purchases at full price70% VICs care about new season, only 30% of purchases made on sale. 17

19. 18 Lyst app is growing triple digit organically Growth driven by product improvements and word of mouth, not paid marketing. YOY Growth - App Revenues 100% 200% 300% 2018-Q 3 2018-Q 4 2019-Q 1 2019-Q 2 235% 114% 89% 47% 18

20. 19 Our core business is profitable with leading unit economics Our business model see us take a CPA% of each successful purchase. Our strong customer value prop, and the largest fashion inventory online, drives best-in-class acquisition costs and immediately proﬁtable unit economics. Blended Customer Acquisition Cost $0 $5 $10 2019 YTD $10 One Month Customer Acquisition Cost Recovery 0% 110% 220% July 2019 203%

21. 20 Financing Current investors include: LVMH, Accel, Balderton, Draper Esprit and 14W To date raised: $80M

22. Thank you. chris@lyst.com Chris Morton 21

23. Selected Completed NOAH Transactions Focus on Leading European Internet companies Covering over 400 companies across 25 online verticals, a broad range of over 500 investors as well as 100+ online-focused corporates Deep understanding of industry dynamics Ability to add value beyond banking advice Facilitates overall process and minimizes management distraction NOAH Advisors is globally well connected and has direct access to virtually all key players in the industry Knowledge of and strong relationships with potential buyers’ key decision makers Proactively finds and unlocks attractive investment opportunities for leading investors Annual NOAH Conference in its 10th year Over 40 years of combined relevant M&A experience Routine execution of M&A and financing transactions with sizes of several billion euros 30 successfully completed NOAH Advisors transactions underline successful transfer of M&A competencies to the Internet sector Entrepreneurial mind-set, focused on growing the business and establishing a reputation for excellence Ability to deliver top results in short time frames Highly success-based compensation structures align interests of clients and NOAH Advisors, and demonstrate conviction to deliver top results Creative deal solutions Unique Industry Know-How Unmatched Network and Relationships Strong Investment Banking Competence Full Commitment - We Are Entrepreneurs! EUROPE’S LEADING INTERNET CORPORATE FINANCE BOUTIQUE® The NOAH Advisors Core Banking Team Marco Rodzynek Managing Director & Founder Jan Brandes Managing Director Nikhil Parmar Director Olek Skwarczek Associate Lukas Schlund Analyst December 2014 October 2014 Sale of 100% of for $800m to Exclusive Financial Advisor to Fotolia and the Selling Shareholders Sale of 100% of for €80m to Exclusive Financial Advisor to Trovit and its Shareholders October 2016 Investment in Exclusive Financial Advisor to KäuferPortal and its Shareholders by 84% Ownership December 2016 August 2017 Financial Advisor to Silver Lake Financial Advisor to EMK Capital Investment in Acquisition of a Majority Stake in by by at a valuation of $200m November 2019 July 2019 September 2018 Financial Advisor to MagicLab Financial Advisor to AU10TIX and its shareholders Financial Advisor to 10bis and its shareholders Acquisition of a 79% stake in $60m Investment in Sale of 100% in by at a valuation of ~$3 billion at a valuation of $260m by for €135m to 10Bis

Lyst - NOAH19 London

Lyst - NOAH19 London

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