Neiman Marcus Group announced various digital tech investments totalling $500 million over the course of the next three years and will include the acquisition of a cloud-based software-as-a-service platform named Stylyze.
Neiman Marcus Group stated that it is able to make these investments due to newfound financial flexibility stemming from a bankruptcy restructuring and new debt financing. The terms of the Stylyze acquisition were not publicly released and the deal is expected to close later this year.
Neiman first partnered with Stylyze three years previously, and the platform currently works with Target, Build.com and Zulily. Based in Seattle, Stylyze was initially founded by two women in the interior design industry.
"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, the CEO and Co-Founder of Stylyze.
Digital Retail Investments
Neiman Marcus Group Acquires Stylyze to Bolster Digital Capabilities
Trend Themes
1. Digital Retail Investments - Investing in digital tech to enhance brick-and-mortar and e-commerce retail experiences.
2. Cloud-based Saas Platforms - Acquiring or developing cloud-based software-as-a-service platforms to improve business operations and customer experiences.
3. Bankruptcy Restructuring - Using bankruptcy restructuring as an opportunity to re-position the company and invest in new technologies that will drive growth and success.
Industry Implications
1. Retail - Implementing digital tools to increase customer engagement and improve the overall shopping experience, both in-store and online.
2. Software - Developing and selling cloud-based software-as-a-service platforms to retailers and other businesses to improve their operations and customer experiences.
3. Finance - Providing financial services and debt financing to businesses going through bankruptcy restructuring to take advantage of investment opportunities and promote growth.