- MySize to monetize portfolio of fashion-tech sizing
solutions with high-margin recurring SaaS revenues
- $120 B fashion market in
Spain and Italy, Naiz Fit's core market, is a platform
for further growth into the rest of Europe
AIRPORT CITY, Israel, Nov. 2, 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 that following its recent acquisition of Spain-based Naiz Fit, MySize's expanded
portfolio of fashion-tech offerings, led by its sizing solutions,
are expected to drive high-margin SaaS revenues in Europe and globally. Further potential growth
drivers include Naiz Fit's Smart Catalogue, a new SaaS product
expected to launch imminently with an installed base of customers
and MySize's FirstLook Smart Mirror which is expected to generate
recurring monthly lease and subscription revenues.
"Europe leads the fashion world
in many ways including in creating the consumer journey, which is
increasingly shaped by technology, and the top European fashion
brands are using Naiz Fit's platform as a personal sizing
concierge," stated MySize CEO and Founder, Ronen Luzon. "We believe retailers and fashion
brands across the globe look to what's successful in Europe. MySize can now leverage its European
headquarters in Spain to better
reach and serve a global customer base, creating solid, steady
growth for our high-margin SaaS fashion-tech solutions."
Naiz Fit's clients include Desigual, Moschino, El Ganso,
Philosophy, Alberta Ferretti,
Silbon, and Boglioli Milano, among others.
Europe's apparel market,
estimated at $397 billion in 2022, is
larger than the U.S.'s at $312
billion. The fashion markets in Italy and Spain are valued at $90
billion and $30 billion,
respectively.
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.