Data-driven solution powers fashion designers to turn
their inspirations into patterns that fit correctly for their
market, addressing an economic and environmental problem: 30% of
clothing returned is never resold
AIRPORT CITY, Israel ,
Dec. 13,
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 Naiz Fit, its recently
acquired Spain-based fashion tech
company, is test piloting Smart Catalogue with several of its
current customers. Smart Catalogue is an innovative new
software-as-a-service (SaaS) based solution that helps fashion
designers create patterns that optimize fit, with the aim of
reducing unsold items, improving economics for fashion brands and
retailers, while reducing environmental footprint.
Nearly 30% of all garment purchases returned to stores are never
sold, becoming "dead stock", according to the Australian Circular
Textile Association. Fashion United UK reports that unsold
inventory is a substantial challenge for some of the top fashion
brands in the world, including a fast-fashion global company that
is sitting on billions worth of unsold inventory, while a luxury
brand has destroyed millions of dollars worth of unsold inventory
instead of selling at a discount. Beyond the enormous cost for
fashion brands and the environment, customers who can't find the
right fit are also left unsatisfied.
Smart Catalogue directly addresses these challenges by providing
fashion designers with demographic and location specific data about
customer body morphology and fit preferences. Delivered through a
user-friendly software platform, Smart Catalogue enables informed
decisions.
Major retail brands currently piloting Smart Catalogue include
Spain-based Desigual, El Ganso,
and Silbon, all of which are MySize customers using the Naiz Fit
sizing solution.
Desigual's Innovation Leader, Eva
Sirera commented, "With the pilot of Smart Catalogue, our
designers will benefit from the wealth of data available on the
user-friendly platform. Fashion collections are coming to life
through designs and specific patterns that are specifically
tailored to the demographics and regions in which we sell. We
expect to see better inventory performance and more satisfied
customers as a result."
"We developed Smart Catalogue based on a clear need in the
market for a data-driven solution that addresses apparel fit issues
at its very source, during the design phase. We're empowering and
supporting the creatives in the fashion industry by informing their
intuition with data. We believe better fit leads to happier
retailer shoppers, resulting in improved sales for our fashion
brand customers," stated Naiz Fit CEO & Co-Founder, Borja
Cembrero Saralegui.
"Smart Catalogue is a key asset that Naiz Fit brought to MySize.
The SaaS subscription-based business model and the value that the
solution delivers to retailers is a perfect fit for MySize's
proprietary fashion tech pipeline," stated MySize CEO Ronen Luzon.
About MySize Inc.
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel
e-commerce platform and provider of AI-driven measurement solutions
including MySizeID and recently acquired Naiz Fit 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 the MySizeID solution for your
online store and here for the Naiz Fiz solution.
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.