AIRPORT CITY, Israel,
March 31, 2022 /PRNewswire/ --
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) ("MySize" or the
"Company"), an omnichannel e-commerce platform and the provider
of AI-driven measurement solutions to drive revenue growth and
reduce costs for its business clients, today announced the issuance
of the following shareholder letter from its Chairman and Chief
Executive Officer, Ronen Luzon:
Dear MySize family, partners and shareholders,
We wish to start by thanking our MySize team, partners and
shareholders for your dedication and support. While we know there
are ups and downs as an employee or a shareholder of a small
emerging growth company, we strongly believe in our actions over
the past year and more specifically, recently, in building a strong
and valuable company for the future. We have great excitement for
the value we see for us in the path ahead.
We recentlyfiled our annual 10K
for the year ended December 31, 2021
on March 18. While our revenues for
2021 amounted to $131,000 compared to
$142,000 for 2020, we are excited
with our ramp in license agreements resulting in an increase in
recurring revenues. The overall decrease in revenues was due to
lower fees from one-time customer projects, which is not our
focus.
During 2020 and 2021, we entered into commercial agreements with
Levi's, Nautica, Gant, Lacoste, Trutex, Penti, DeMoulin,
UniformMarket, and Tricorp among others. We continue to increase
our presence in the U.S. with retailers and the acceleration of
additional commercial agreements for our measurement technology. We
are confident about MySizeID's ability to drive revenue growth,
strengthen user confidence and loyalty, reduce costs and optimize
processes for our existing and prospective retail clients. We
believe we are now at a commercialization inflection point,
surpassing 1,000 clients.
In early February, we made a major announcement that
transitioned us in becoming an omnichannel solution for retailers.
We introduced the availability of FirstLook Smart Mirror, an
interactive, mirror-like touch display that provides shoppers in
physical stores with an enhanced, online shopping experience and
contactless checkout. We strongly believe this is a great solution
for the in-store retailer to better capture the customer and
convert him/her to a final sale. FirstLook Smart Mirror received
positive reviews at NRF in New York
City and we are in discussions with many retailers.
The MySizeID FirstLook Smart Mirror seamlessly fits into any
retail environment, whether in the fitting rooms (version with no
camera) or other high-traffic, strategic locations. Highlight
capabilities of the FirstLook Smart Mirror include 3D "Try-it-on"
interactive avatar experience, personalized and highly accurate
size recommendations by MySizeID, third-party POS systems
integration, styling recommendations and contactless "select and
collect" at the register feature.
The same way LivePerson's live chat application transformed
e-commerce by increasing conversion rates and decreasing costs,
sizing technology is gaining traction to do the same by decreasing
returns (costs) and increasing conversion rates (sales). Retailers
are taking notice as demonstrated by these recent transactions:
- Gap acquired Drapr and CB4 for $147
million
- Snap acquired Fit Analytics for $124
million
- Walmart acquired Zeekit
- Zalando acquired Fision
In late 2021, we partnered with GK Software. MySizeID has been
integrated with cloud4retail by GK Software, which has more than
359,000 installations in over 65 countries, as a major player in
the international market for retail solutions.
Outside of retail, we have also introduced our proprietary
technology to address issues for shipping companies. We have
developed an innovative mobile technology known as BoxSize ,which
enables customers to quickly and easily measure the size and volume
of a parcel to accurately calculate shipping fees. It also offers
shipping companies a variety of precise logistical data for more
efficiently managing their supply chain, providing them with an
accurate way to compare the physical package with what is in the
shipping manifest. BoxSize solution is available for license on
both iOS and Android operating systems.
BoxSize is available on the Honeywell Marketplace, Zebra
Technologies and Datalogic.
In February, we closed the acquisition of Orgad, an omnichannel
e-commerce platform, headquartered in Israel and operates globally, including the
U.S. and Europe. Its team consists
of solid operators with deep understanding and knowledge in
e-commerce, supply chain and technology. Its technology, operations
and customer service are structured to be able to manage numerous
retailers on its platform.
While Orgad generated approximately $2.5
million in revenue and reached profitability in 2021, we
believe it was limited due to its lack of capital. Its lack of
inventory did not keep up with demand. Orgad now has greater access
to capital for inventory to be able to accelerate its growth. We
believe Orgad has the potential to increase its inventory turnover
by multiples over what it did in 2021.
We have greatly expanded our business as a direct e-commerce
seller connecting the consumer's digital and physical experience.
We are now well-positioned as an e-commerce platform engaged in
online retailing in the global market with cutting edge AI
technology to enhance the e-commerce experience and efficiency.
Similar to Thrasio, Perch and Hour Loop, we operate as a
third-party seller on Amazon.com, eBay and others.
We are focused on increasing our stock-keeping units ("SKUs"),
mainly in fashion, apparel and shoes, and expanding our platform to
manage numerous retailers. Our teams' strong abilities in
technology, operations and customer service will be utilized to
attract additional third-party e-commerce sellers with an eye on
increasing efficiencies and revenue growth.
In short, we believe we have important catalysts in-place:
- Orgad now has access to cash to accelerate its revenue, whereby
it was previously constrained by limited inventory
- FirstLook SmartMirror penetrating traditional retail
stores
- Fashion e-commerce continues to trend upward with online sales
making up 23% of total online sales in the U.S.Data drives
decision-making & enables the retailer
- Online retailers high costs of returns
- ROI supported by higher conversion rates & lower return
rates
- Successful case studies are leading to increased awareness and
additional opportunities
- Expansion into shipping with BoxSize
- M&A strategy to expand e-commerce segment
This is exactly what we are doing today. We have reinvented
ourselves with a sharp eye now on execution within the e-commerce
and retail space. We have a strong cash position, which stood at
$10.7 million at December 31, 2021, to continue to execute on our
plan and rebuild shareholder value. We look forward to proving out
our new business strategy and delivering value for our
shareholders.
Sincerely,
Ronen Luzon
Chairman and Chief Executive Officer
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 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. 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 to 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.
U.S. Press Contact:
Strauss Communications
joel@strausscomms.com
www.strausscomms.com
Investor Contacts:
Or Kles, CFO
ir@mysizeid.com
Brian Loper
ClearThink
bloper@clearthink.capital
View original
content:https://www.prnewswire.com/news-releases/mysize-files-10k-for-year-ended-december-31-2021-and-issues-shareholder-update-letter-and-positive-outlook-for-2022-301514645.html
SOURCE My Size Inc.