Neiman Marcus Group (NMG) is adding tech to luxury, announcing plans to acquire Stylyze Inc., the first of several future digital investments and building out of technology capabilities. The Seattle-based, women-founded and -led technology company is a machine-learning SaaS platform that offers product attribution data and curated content to power relevant shopping experiences across the customer journey. Acquiring Stylyze will strengthen NMG’s ability to build a differentiated luxury experience and is intended to be part of $500-million-plus gross investment over the next three years by NMG (parent of Bergdorf Goodman) to support the Company’s integrated luxury retail strategy, the company said.
“Over the past year, we’ve been strengthening the foundation of our business. We knew the rebound was coming, and we’ve been experiencing the return of luxury as it accelerates. NMG is perfectly positioned to capture the growing interest of luxury customers as we develop essential digital capabilities that ensure we drive profitable and sustainable growth,” said Geoffroy van Raemdonck, CEO of Neiman Marcus Group. “By acquiring Stylyze, we will be able to advance our strategy of integrated luxury, building long-term relationships with our luxury customers that create emotional value and high lifetime value potential. This allows us to deepen our relationship with our customers through the use of technology.”
Powered by data and machine learning across all three customer channels, NMG has already implemented technology and digital solutions from over 25 companies to enhance and elevate the luxury customer experience, it said. NMG will continue to explore opportunities to further its integrated luxury retail focus through acquisitions, partnerships, and building out digital capabilities internally.
NMG began its strategic partnership with Stylyze in 2018. Stylyze’s products and capabilities are currently an important component of the company’s remote-selling platform clienteling tool, Connect. Sales associates use the platform to engage digitally with their clients.
“We could not be more thrilled for the opportunity to join forces with such an esteemed industry leader that brings together the best customers, brands, and selling channels,” said Kristen Miller, CEO and co-founder of Stylyze. “Our company and team have been working with NMG for over three years, and we are ready to rapidly power, accelerate and elevate unique and distinct digitally-enabled service models.”
The acquisition transaction would be expected to close in the first quarter of Fiscal Year 2022, subject to customary closing conditions.
