Department store operator Neiman Marcus On Wednesday, it announced plans to acquire Seattle-based women-founded technology firm Stylyze, Inc.
The machine learning SaaS platform provides product attribution data and select content to enhance the relevant shopping experience throughout the customer journey. Neiman Marcus will take advantage of this to create a differentiated and luxurious experience.
The acquisition means that Neiman Marcus plans to invest more than $ 500 million over the next three years to support its integrated luxury retail strategy. The transaction is expected to close in the first quarter of fiscal year 2022, subject to normal closing conditions.
Bob Kupbens, Executive Vice President and Chief Technology Officer of the Neiman Marcus Group, said:
“Today’s customers want a seamless and unique experience that will improve their shopping journey when it comes to fashion discovery and engagement. We have a common partnership with Stylyze to bring technology and a great team together. I’m really excited about it. “
The company first launched a strategic partnership with Stylyze in 2018. Today, Stylyze’s products and features are key components of its remote sales platform and its industry-leading customer tool, Connect.
Next, Neiman Marcus will consider integrating features into additional digital tools such as e-commerce, mobile apps, text messaging, chat, phone and other messaging channels, and other engagement channels.
“Over the past year, we have strengthened our business foundation. We know that rebounds are coming and we are experiencing a revival of luxury as we accelerate. NMG is capturing the growing interest of luxury customers. It’s in the right position. It’s time to develop the digital capabilities that are essential to driving profitable and sustainable growth. ” Jeffroy van remdonk, Neiman Marcus Group Chief Executive Officer.
“With the acquisition of Stylyze, we can advance our integrated luxury strategy and build long-term relationships with luxury customers that create emotional value and high lifetime value potential. , Technology. “
Neiman Marcus escaped from Chapter 11 bankruptcy in September after being first infected during the heyday of the Covid-19 pandemic.
Its new owners include PIMCO, Davidson Kempner Capital Management, and Sixth Street. After the treasury restructuring, the company said it could make strategic investments, such as the acquisition of Stylyze, “with new financial flexibility.”
The company’s debt balance at the end of April was $ 1.1 billion, compared with $ 5.1 billion in the previous year. NMG currently has more than $ 850 million in liquidity available, compared to $ 132 million a year ago, and the $ 900 million revolver has no outstanding debt.
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Neiman Marcus aims to acquire Stylyze
Source link Neiman Marcus aims to acquire Stylyze