Neiman Marcus Group, reconfiguring operations to make them more competitive in an omnichannel age, announced its intent to acquire Stylyze, a machine learning software-as-service platform that provides product attribution data and curated content to power relevant customer shopping experiences.
The Stylyze acquisition is among several intended digital investments that will coincide with a build out of Neiman Marcus’ technology capabilities.
In addition, Neiman Marcus announced the appointment of Lisa Aiken as its new fashion and lifestyle director, noting that the establishment of the role is part of a merchandising and planning team transformation that will affect product segments across the operation.
Seattle-based, women-founded and -led technology company Stylyze will strengthen NMG’s ability to build a differentiated luxury experience, according to the company. It’s acquisition is part of a more than half-billion dollar planned NMG gross investment over the next three years by NMG to support the Neiman Marcus integrated luxury retail strategy.
“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,” said Geoffroy, NMG CEO. “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.”
“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.”
van Raemdonck added that, with its recently completed post-financial restructuring, NMG can make strategic investments such as the acquisition of Stylyze given renewed financial flexibility. The company had at April’s end total outstanding debt of $1.1 billion as compared to $5.1 billion in the prior year, the company asserted. NMG currently has available liquidity of over $850 million versus $132 million a year ago and has no borrowings outstanding on a $900 million revolver.
“Neiman Marcus Group’s more than $850 million in liquidity gives the company the capability to remain flexible and agile during this time and strategically invest in the business,” said van Raemdonck. “NMG is stronger than ever supported by ample liquidity giving the company the agility we’ve needed to support the recent double- and triple-digit growth, as compared to 2019, for our top luxury brands. We are capitalizing on our momentum and reimagining how we look at omnichannel. “We’re focused on creating an integrated luxury retail experience that spans our premium store footprint, largest U.S. luxury e-commerce platform, and our differentiated remote-selling channel powered by our clienteling tool, CONNECT.”
Aiken on August 9 will take up her post at the Neiman Marcus Fashion and Lifestyle Office, reporting to Lana Todorovich, the company’ s president and chief merchandising officer. She will take a fashion-forward perspective to identify emerging brands, the company stated, discover new trends and services across the fashion and lifestyle space, and inspire Neiman Marcus’ luxury customer base with her unique point-of-view on today’s global fashion landscape. In this position, Aiken will collaborate closely with brand partners including the Prada Outdoor immersive ‘Coast’ experience and Loewe Paula’s Ibiza installations. Aiken was a fashion and buying director at Moda Operandi prior to her Neiman Marcus appointment.
