Neiman Marcus is buying a Seattle-based technology company that helped it ramp up its remote selling during the pandemic and said it plans to make several more investments to build out its capabilities.
The Dallas-based luxury retailer said Tuesday that it will acquire Stylyze Inc., a developer of a machine-learning selling platform, but didn’t disclose a price. Neiman Marcus said that the acquisition is part of a three-year plan to invest more than $500 million to help strengthen its digital business, which also includes shifting its warehouse operations from Irving to Dallas’ Pinnacle Park.
Neiman Marcus’ debt-shedding bankruptcy reorganization completed last year makes it easier to pursue the digital strategy. At the end of April, Neiman Marcus had $1.1 billion in debt versus the $5.1 billion it had a year ago before its financial restructuring. The company gave a snapshot of its newfound flexibility: $850 million of liquidity.
Source: Dallasnews
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