The luxury retailer is in the first stages of a three-year intensive digital investment strategy with the purchase of a machine learning (ML) platform.
With the acquisition of Stylyze, the Seattle-based women-founded and led technology company, Neiman Marcus has begun its plan to invest more than $500M in digital technology.
The SaaS-based Stylyze ML platform offers product attribution data and curated content for relevant shopping experiences across the customer journey. By acquiring Stylyze, Neiman Marcus intends to strengthen its ability to build a differentiated luxury experience.
“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. Neiman Marcus Group 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, 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.”
