Department store operator Neiman Marcus announced on Wednesday plans to acquire Seattle-based, women-founded technology company Stylyze, Inc.
The machine learning SaaS platform offers product attribution data and curated content to power relevant shopping experiences across the customer journey, which Neiman Marcus plans to leverage to build a differentiated luxury experience.
The acquisition represents over half-billion dollars in planned gross investment over the next three years by Neiman Marcus to support the company’s integrated luxury retail strategy. The transaction is expected to close in the first quarter of fiscal year 2022, subject to customary closing conditions.
“This is one of many examples of how we are building our digital ecosystem that will enable differentiated ‘only at NMG’ luxury experiences for customers,” said Bob Kupbens, executive vice president, chief product and technology officer, Neiman Marcus Group.
“Customers today are looking for seamless and unique experiences that improve their shopping journey when it comes to discovering and engaging with fashion. We have a shared alignment with Stylyze and are excited to bring their technology and stellar team on board.”