Want to know when your items on Pinterest go on sale? Check out Lyst’s alerts

In our most recent iPad Magazine, we traveled the world over to bring you the best stories and trends in the digital fashion world. In London, we met with 5 hot startups who are reshaping the scene. One of them was Lyst, a social commerce platform that describes itself as a “social shopping site that helps you discover the best fashion for you.”

Founded by Chris Morton, Sebasjan Trepca and Devin Hunt, the platform helps users keep track of when an item shown on the runway is available for purchase. Users can follow designers, specific items, brands, collections, runway shows, and even other users to generate a customized feed of items that appeal to them. Today, Lyst just got more socially savvy with its new tool that lets you receive instant notifications whenever items on your Pinterest boards go on sale.

To use it: just connect your Pinterest account to Lyst and start receiving instant sale alerts on all the products you’ve ‘pinned’ or ‘repinned’ from the hundreds of fashion retailers that Lyst partners with around the world. In addition, when you ‘pin’ an item from a store, Lyst will tell you if it’s available elsewhere.

“Pinterest is a great way for people to save and share items they want, but until now there’s been no easy way for them to know when those items go on sale” said Chris Morton, CEO of Lyst. “By solving this problem, we’ve made Pinterest even more useful for its users.”

On Lyst, you can also ‘follow’ your favorite brands and stores and subscribe to a stream of newest items and latest sales aggregated from around the web. So while there are thousands of points of purchase for people to buy things online, Lyst aggregates all that information for you in one place, and enables you to track various items making it easy to take advantage of a sale. In doing so, Lyst has generated millions of dollars in sales for its partners.

In November 2010, Lyst raised a £950,000 seed round from Ventrex, SPA, Accel and several New York and London Angels.