- Synergies position MySize to become one of the leading
measurement solution technology providers in the fashion industry
and accelerate growth by broadening tech solution offerings, and
expanding European footprint, global marketing & sales
infrastructure
- Addition of robust Naiz Fit customers base: Desigual,
Moschino, and El Ganso among other highly recognized European and
international fashion houses
- Forecasting an additional $1
million MySize revenue in 2023 with Naiz Fit
acquisition
AIRPORT CITY, Israel ,
Oct. 12,
2022 /PRNewswire/ -- MySize, Inc.
(NASDAQ: MYSZ) (TASE: MYSZ.TA) ("MySize" or the
"Company"), an omnichannel e-commerce platform and provider
of AI-driven measurement solutions to drive revenue growth and
reduce costs for its business clients, today announced it has
acquired Spain-based Naiz Fit, a
provider of SaaS technology solutions that solve size and fit
issues for fashion ecommerce companies. Naiz Fit's revenues and
financial results will be fully integrated into MySize's
consolidated results for the fourth quarter of 2022.
As a result of the acquisition, Naiz Fit's customers will reap
the benefits of a broader portfolio of products and solutions
delivered by an unparalleled combined team of industry leaders with
a deep understanding of the fashion ecommerce retail landscape.
MySize is acquiring Naiz Fit for $500,000 in cash and 6 million shares of MySize
common stock, and up to an additional $1,550,000 in future cash based on the
achievement of performance-based milestones plus a shortfall
payment of approximately $450,000
payable in 2026. Naiz Fit is expecting an estimated $400,000 in 2022 revenues with substantial
increases anticipated for 2023. MySize expects its combined Naiz
Fit and MySizeID sizing solution revenues to contribute an
additional $1 million revenues in
2023. Additional benefits including economies of scale through
combined SG&A expenses are expected.
Naiz Fit's SaaS technology acts as a digital tailor. Without
asking customers to measure themselves, Naiz Fit obtains 20+ body
measurements using its proprietary AI and computer vision
capabilities by transforming simple images into body measurements.
For customers who do not want to use photos, Naiz Fit implements
statistical modeling algorithms to determine size and fit based on
height, weight, age, gender, and fit preference. Convolutional
neural networks enable the company's technology to extract direct
body measurements and body morphologies with the highest
accuracy.
Following the acquisition, Naiz Fit's latest product, Smart
Catalogue, will be launched. Smart Catalogue is designed to help
retail product and design teams make the most informed decisions
for their collections based on real-time customer data.
With over 40 clients in Spain,
Italy, Germany, and France, Naiz Fit brings to MySize a
substantial customer base including Desigual, Moschino, El Ganso,
Philosophy, Alberta Ferretti,
Silbon, and Boglioli Milano, among others.
"Combining the MySizeID and Naiz Fit sizing solutions, we expect
to gain significant economies in sales and marketing and to deliver
unparalleled sizing technology to fashion retailers," stated Ronen
Luzon, CEO, and Founder of MySize. "We believe the acquisition will
be highly accretive in the near and long-term as well as being a
strategic play. By leading the consolidation of sizing solutions,
MySize is positioning to build greater and broader offerings and
become the leading technology provider in the industry."
Borja Cembrero Saralegui, Co-Founder of Naiz Fit, commented,
"Our current customers will benefit significantly from Naiz Fit
joining forces with MySize, a Nasdaq listed company with global
reach serving some of the largest retailers in the world, and
offering complementary products such as FirstLook Smart Mirror. Our
pure ecommerce and hybrid apparel retailer clients will have access
to the best portfolio of solutions to improve their business
economics."
About MySize Inc.
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel
e-commerce platform and provider of AI-driven measurement solutions
to drive revenue growth and reduce costs for its business clients.
Orgad, its online retailer platform, has expertise in e-commerce,
supply chain, and technology operating as a third-party seller on
Amazon.com and other sites. MySize recently launched FirstLook
Smart Mirror, a mirror-like touch display that provides in-store
customers an enhanced shopping experience and contactless checkout.
FirstLook Smart Mirror extends MySize's reach into physical stores
and is expected to contribute to revenues through unit sales and
recurring service fees.
MySize has developed a unique measurement technology based on
sophisticated algorithms and cutting-edge technology with broad
applications, including the apparel, e-commerce, DIY, shipping, and
parcel delivery industries. This proprietary measurement technology
is driven by several algorithms that are able to calculate and
record measurements in a variety of novel ways. To learn more about
MySize, please visit our website: www.mysizeid.com.
We routinely post information that may be important to investors
in the Investor Relations section of our website. Follow us
on Facebook, LinkedIn, Instagram, and Twitter.
Please click here for a demonstration of how MySizeID
provides a full sizing solution for the retail industry.
Register here for a free plan of MySizeID solution for
your online store.
Please click here to download MySizeID for iOS.
Please click here to download MySizeID for
Android.
To learn more about MySize and for additional information,
please visit: our website: www.mysizeid.com.
Forward-looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, including statements
related to the acquisition, expected revenues, and the expected
closing of the acquisition. These statements are identified by the
use of the words "could," "believe," "anticipate," "intend,"
"estimate," "expect," "may," "continue," "predict," "potential,"
"project" and similar expressions that are intended to identify
forward-looking statements. All forward-looking statements speak
only as of the date of this press release. You should not place
undue reliance on these forward-looking statements. Although we
believe that our plans, objectives, expectations and intentions
reflected in or suggested by the forward-looking statements are
reasonable, we can give no assurance that these plans, objectives,
expectations or intentions will be achieved. Forward-looking
statements involve significant risks and uncertainties (some of
which are beyond our control) and assumptions that could cause
actual results to differ materially from historical experience and
present expectations or projections. Actual results may differ
materially from those in the forward-looking statements and the
trading price for our common stock may fluctuate significantly.
Forward-looking statements also are affected by the risk factors
described in the Company's filings with the U.S. Securities and
Exchange Commission. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
Investor Contacts:
Or Kles, CFO
ir@mysizeid.com
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SOURCE My Size Inc.