AIRPORT CITY, Israel,
Feb. 6, 2018 /PRNewswire/ -- My Size, Inc. (the "Company" or
"My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator
of smartphone measurement applications, today issued a Letter to
Shareholders highlighting how its 2017 achievements and recent fund
raise of $6 million have positioned
the Company to accomplish its 2018 growth objectives.
Dear Fellow Shareholders,
My Size enters 2018 with strong momentum based on our 2017
advancements in technology, product development, intellectual
property, and marketing. We started 2018 with a $6 million fundraise that gives us the ability to
effectively execute on our 2018 growth plans. We are investing in
our marketing and sales infrastructure to execute on the
substantial opportunity for MySize in the $72 billion U.S. e-commerce retail market. Our
2018 goals include signing new customer contracts with major U.S.
retailers for our measurement technologies, including the MySizeID
platform and our TrueSize white label apparel sizing measurement
technology. We are also in discussions with international couriers
regarding our BoxSizeID product for the courier market. As we
develop and launch new measurement apps, the increasing download
and usage of these consumer will help us develop and build an array
of big data assets.
During the first few weeks of January, we unveiled our MySizeID™
product to an extremely enthusiastic reception at CES, the largest
consumer electronics show in the world, as well as at NRF 2018, the
National Retail Federation's conference. This marks an auspicious
start to 2018, which we expect to be a pivotal year for our Company
in terms of market penetration and product adoption, while we
continue to innovate new big data-based measurement solutions.
2017 Achievements
Products & Markets
Successfully Launched and Now Marketing MySizeID™ - We prepared
our flagship product MySizeID for a successful unveiling and launch
at CES in Las Vegas in
January 2018. This led to a series of
discussions with potential retail partners both at CES and at the
National Retail Federation conference, NRF 2018 in New York City. MySizeID is a revolutionary
patented body measurement technology, designed to transform online
apparel purchasing.
MySizeID combines a person's measurements taken with a
smartphone, with anthropometric datbases, and a retailer's sizing
charts and database, through a proprietary algorithm that finds the
right fit for each customer.
We are increasing investments in our sales and marketing
infrastructure in the U.S., where we plan to hire additional sales
personnel and software engineers to conduct beta testing of
MySizeID™ with the technical and executive teams of leading U.S.
retailers.
Please click here to watch a video demonstrating how MySizeID
works.
The apparel e-commerce market in the U.S. alone is estimated to
be an annual $72 billion, with 70% of
apparel returns being size related, according to Statista and
Drapers Etail Report.
Launched RealSize with Customer TRUCCO – We launched our white
label TrueSize apparel measurement app with our first customer, a
leading high-end Spanish retailer, TRUCCO, which has over 240
points of sale in more than 20 countries. TRUCCO has private
labeled our TrueSize measurement tool as RealSize.
Please click here to watch a video demonstrating how RealSize
works.
Developing New App for In-Store Shopping – Our R&D
activities now include the development of a measurement app to be
used for apparel shopping in physical stores. While e-commerce is a
multi-billion market in dire need of a solution for sizing,
in-store retail apparel shopping remains a larger market and most
major retailers today have both online and physical stores. With
our new app, salespeople in a physical retail store will be
empowered to create measurement profiles for customers. These
profiles can be used for in-store purchases as well as online,
thereby unifying customers' online and offline shopping
experiences. My Size's newest app is being designed to encourage
return visits and increase customer loyalty and
retention.
Global retail apparel sales are estimated in 2019 to reach
$1.51 trillion according to
Statista.com.
Upgraded BoxSizeID™ – We upgraded our BoxSizeID product to
enable one-step measurement which takes just a few seconds,
creating a significant time savings for the user. Historically,
measurement of boxes required the examination of three different
parameters – height, length and depth. Now, with the upgraded
BoxSizeID, boxes can be measured in a single step by placing the
smartphone at the top corner of the box and holding it in the air
while moving to the opposite bottom corner. Using this single
measurement, the BoxSizeID algorithm derives the box's three
dimensions and calculates its size. The upgrade is currently in
testing phase.
Please click here to watch a video demonstrating how BoxSizeID
works.
According to Accenture Consulting, the parcel post market is
expected to grow by 9% per year and reach over $343 billion by 2020.
Launched Commercial Phase of KatzID with Customer Katz
Corporation - During 2017, we completed beta pilot testing of
KatzID and launched its commercial phase. KatzID is a private label
parcel measurement app based on our BoxSizeID product. KatzID was
developed for, and is currently being deployed by, Katz
Corporation, the second largest delivery company in Israel. Katz expects that KatzID will create
significant yearly savings in its courier business, leading to an
estimated 2.5% increase in its annual income.
Globally, the courier services market includes approximately
7,500 companies representing about $90
billion in annual revenue, according to
marketrealist.com.
Achieved Record 700,000 Downloads for SizeUp™ – Our measurement
app for the Do-It-Yourself (DIY) market has now been downloaded
700,000 times by the end of 2017. During 2017, we increased
availability of the app to 33 different smartphone models. We also
developed and launched v3.0 of SizeUp to include "Measurement in
the Air" functionality, which allows users to instantly and
accurately measure objects by placing their smartphone at one end
of the object, lifting it slightly and moving it to the other end,
either vertically or horizontally. This saves time and makes the
measurement process easier for a larger variety of surfaces.
Please click here to see how SizeUp works.
According to Technovia, the global DIY tools market is forecast
to reach $13.9 billion by 2021.
Beta Testing New Room Dimension App - We are currently
beta testing a room measurement app for the home improvement
market. The days of fiddling with protractors, measuring tapes,
pencils and papers are nearly over. My Size's room dimension app
has been designed to enable the smartphone user to accurately and
instantly draw a room plan, map the interior space, and design home
improvements from the smartphone.
The Leading Indicator of Remodeling Activity (LIRA), published
by Harvard University, estimates the
home improvement market at $317
billion annually.
R&D and Patents
Three patents were issued to My Size in 2017 from the U.S.,
Japan and Russia for our patent, "The Measurement of a
Body Part" for the apparel market. The patent covers the combined
use of big data, measurement of a person's size, and a retailer's
size chart, through use of My Size's proprietary algorithm.
Our intensive R&D efforts during 2017 also resulted in our
platform technology's ability to improve accuracy of measurements
to within +/- 1 cm. This is an exceptional achievement, which we
believe makes My Size the first and best technology in the world
for the measurements of small items, under 50 cm in size.
Corporate Developments
We raised approximately $8.5
million in the past few months, including $2.5 million in December
2017 and $6 million in
February 2018. We will be using this
funding to advance our technologies and market our products.
Building out our sales and marketing team, during 2017, we
appointed Argun Ersen to lead sales in Europe and Claudio
Menegatti to guide MySize's sales and marketing efforts in
the fashion market. We were also pleased to sign both plus-size
model, Emme, and celebrity fashion stylist, Susan Moses, to represent My Size in the apparel
market.
2018 Objectives
Our goal is to realize the following value-driving milestones in
2018:
- Negotiate and sign agreements with new retail partners for our
MySizeID and TrueSize measurement technologies.
- Negotiate and sign agreements with new retail and courier
partners for our SizeUp and BoxSizeID products.
- Advance our agreement with Katz Corporation in the courier
market into the revenue generation phase, following the completion
of our commercial test phase.
- Launch and brand our new measurement app to be used for apparel
shopping in physical stores.
- Launch BoxSizeID's upgraded one step measurement
capabilities.
- Grow our database. As the usage of our measurement apps
increases, our database of information including user behavior and
body measurements generates valuable statistics. Such data can be
used in the big data market for targeted advertising and for
blinded consumer data mining.
We believe that our licensing revenue business model lends
itself to high margins and high growth. Multiple, layered revenue
streams generated from partnerships with online and physical store
retailers include fees paid by retailers to My Size for sales made
when our measurement technology is used. Specialized advertising
revenues can also be generated when utilizing the My Size to
identify the user's exact needs.
We wish you a prosperous 2018 and thank all our shareholders for
their support of My Size and our goal to improve commerce through
accurate measurement technologies.
Sincerely,
Ronen Luzon
Founder and CEO, My Size
About My Size, Inc.
My Size, Inc. (TASE: MYSZ) (NASDAQ: MYSZ) 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 technology is driven by several
algorithms which are able to calculate and record measurements in a
variety of novel ways. To learn more about My Size, please visit
our website. www.mysizeid.com. Follow us on Facebook, LinkedIn
and Twitter.
Cautionary Statement Regarding 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. 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. Known material factors that could cause actual
results to differ materially from those in the forward-looking
statements include: an active trading market for our common stock
may not develop on NASDAQ; the trading price for our common stock
may fluctuate significantly; and the Company will continue to be a
"controlled company," as defined under NASDAQ rules, and the
interests of our controlling stockholder may differ from those of
our public stockholders. 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.
Israel Press Contact:
Eran Yoels
Rimon, Cohen and Co.
Eran@rcspr.co.il
+972-52-440-8020
U.S. Press Contact:
Matthew Bretzius
FischTank Marketing & PR
matt@fischtankpr.com
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SOURCE My Size Inc.