Neiman Marcus, the American retailer, is on a digital and tech investment spree!
The globally renowned retailer is embarking on a series of digital and tech investments that total around US $ 500 million, over the course of next three years.
And it all starts with the acquisition of Stylyze – a cloud-based software-as-a-service platform. This deal is expected to conclude anytime later this year.
Seattle-based Stylyze, reportedly, offers enterprise solutions to home and fashion retail verticals. Stylyze has also been working with other bigwigs including Target and Zulily.
Talking about the same, Neiman Marcus has said that the renewed financial flexibility following 2020’s Chapter 11 restructuring has today helped it afford these investments.
Notably, its outstanding debt, at the end of April, was US $ 1.1 billion – down from US $ 5.5 billion last year.
Importantly, the retailer has liquidity worth US $ 850 million today, which is up from US $ 132 million a year back.
Even amidst the pandemic, Neiman Marcus expanded a tech-enabled remote styling service pilot so as to stay connected with all its customers.
Now, the acquisition of Stylyze could reap rich dividends for the retailer if the platform continues to work with outside retailers.
Founded in 1907, Neiman Marcus generated US $ 4.9 billion in 2018.