Neiman Marcus Group Plans To Buy Stylyze As Part Of Digital Push
In the first of many planned future digital investments and developments of technological functionalities, Neiman Marcus Group (NMG) plans to purchase Stylyze, according to an announcement.
“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,” NMG CEO Geoffroy van Raemdonck said in the announcement.
The purchase of Stylyze will shore up the NMG’s ability to develop a “differentiated luxury experience” and is meant to be part of more than $500 million in intended gross investment in the three years to come by the group to back its integrated luxury retail roadmap.
NMG commenced a “strategic partnership” with the Stylyze back in 2018. As it stands, the latter company’s offerings and functionalities are presently a key part of NMG’s CONNECT remote-selling system and clienteling solution.
“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,” Stylyze CEO and Co-Founder Kristen Miller said in the announcement.
The news comes as NMG is investing in its supply chain, infrastructure, merchandising and people, a move that the firm says will reshape the shopper experience at Neiman Marcus in addition to Bergdorf Goodman.
“Neiman Marcus Group is a customer and brand relationship business, powered by a strong digital ecosystem,” van Raemdonck said in a January announcement. “Today we are announcing additional moves to accelerate our transformation, reflecting our renewed financial flexibility and desire to invest in areas that are a source of unique competitive advantage and create shareholder value.”
NMG is backing its supply chain, especially systems and fulfillment centers, with a $85 million gross investment. The firm was also putting a new warehouse system and order management system into place, while investing in its Pinnacle Park distribution hub.