AIRPORT CITY, Israel,
Aug. 13, 2020 /PRNewswire/ -- My
Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE:
MYSZ), the developer and creator of smartphone measurement
solutions, today provided a business update for the second quarter
ended June 30, 2020. A copy of the
Company's quarterly report on Form 10-Q for the second quarter
ended June 30, 2020 has been filed
with the Securities and Exchange Commission and posted on the
Company's website at https://ir.mysizeid.com.
Recent Highlights
- Exceeded prior forecast for MySizeID and achieved over 2.3
million size recommendations for July
2020
- Global apparel company Penti reported online apparel sales were
three times higher for customers utilizing MySizeID
- Opened subsidiary in Moscow to
support growing demand for measurement solutions
- Expanded footprint in France,
hired two new sales executives in Paris and integrated MySizeID with two French
retail apparel brands and a virtual mirror company
- Received Notice of Allowance for U.S. patent around smart
mobile measurement technology; represents third patent
issued/allowed in the U.S.
Ronen Luzon, CEO of My Size, Inc., stated, "We are pleased to
report that we have exceeded our projected July 2020 MySizeID size recommendations,
generating over 2.3 million unique size recommendations for the
month. We continue to penetrate the apparel market with our
proprietary measurement technology, which offers a unique value
proposition to retailers online and instore. Even though we are
experiencing certain disruptions to our sales and marketing
activities as a result of the COVID-19 pandemic, we are generally
seeing increased demand for MySizeID around the world among major
retailers. Retailers are looking for a turnkey solution that
helps consumers choose their appropriate size and fit while
shopping online as well as improve the in-store shopping experience
since most fitting rooms are currently closed due to COVID-19. We
currently project that we will generate over 2.5 million size
recommendations in August and believe we are on track to reach at
least 20 million size recommendations over the course of 2020,
based on a combination of increased penetration of our existing
customers and growing adoption of MySizeID among prospective
customers within our existing pipeline."
"Last month, one of our global retailers, Penti announced that
apparel sales among customers using MySizeID were three-times
higher than those customers that did not utilize MySizeID for size
recommendations over a period of several months. Penti also
reported that returns were reduced by approximately 50% for
customers using MySizeID during the same period. These impressive
results further validate our technology and its effectiveness in
reducing returns and increasing revenue for retailers. We continue
to expand our global footprint by opening up offices in
France and in Russia. We hired two new sales executives in
France to address the high demand
for contactless retail solutions, which is a high priority for
retailers, due to the need to safely bring customers back into
retail brick and mortar stores. In parallel, we opened a subsidiary
in Moscow, Russia, as we are
currently in active discussions with multiple companies in the
retail, e-commerce, courier and logistics markets in the region. We
also hired an accomplished senior sales executive to oversee
operations and rapidly expand our presence in Russia and CIS markets."
"Lastly, we are focused on rapidly building our intellectual
property portfolio globally. In June, we announced that we have
received a Notice of Allowance from the United States Patent and
Trademark Office for for our patent application, titled: "A system
for and a method of measuring a path length using a handheld
electronic device." The patent applies to the technology that
powers My Size's suite of smart mobile measurement solutions such
as MySizeID™, BoxSize™ and more. The U.S. represents a very
large market for our products. In 2019, retail e-commerce revenues
from apparel, footwear and accessories sales were estimated at
approximately USD $103.1 billion,
while the transportation, courier and local delivery services
markets were estimated to be approximately USD $113.5 billion in the U.S. in 2020. With this
latest Notice of Allowance, My Size has now been issued/allowed
three patents in the U.S. out of a total 9 issued/allowed patents
worldwide and 11 patent applications pending."
For the latest news coverage, please follow the Company on
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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 measurement 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. 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.
Own a fashion store and want to increase sales as well? Click
here
Please click here to download MySizeID for iOS.
Please click here to download MySizeID for Android.
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.
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.
Logo - https://mma.prnewswire.com/media/689689/MySize_Logo.jpg
U.S. Press Contact:
5W Public Relations
mysizeid@5wpr.com
IR Contact:
Crescendo Communications, LLC
Tel: +1 212-671-1020
Email: MYSZ@crescendo-ir.com
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SOURCE MySize Inc.