Neiman Marcus To Spend $500M On New Investments Amid Rebound

NEW YORK (CBSDFW/AP) — Neiman Marcus is hoping to capitalize on rebounding luxury sales by investing more than $500 million during the next three years in refreshing stores, speeding up deliveries and acquiring new technology.

The plan includes the acquisition of Stylyze a startup that recommends outfits for customers based on past purchases and browsing history.

Neiman Marcus has worked with the company since 2018 and decided to buy it outright because of its potential, according to the luxury company's CEO Geoffroy van Raemdonck. He said the machine learning technology has helped convert browsers into buyers and enticed shoppers to keep coming back.

Neiman Marcus emerged from bankruptcy last September, one of the most high-profile retail bankruptcies at the onset of the pandemic.