AIRPORT CITY, Israel,
Nov. 12, 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 third quarter
ended September 30, 2020. A copy of
the Company's quarterly report on Form 10-Q for the third quarter
ended September 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
- Revenue for the third quarter of 2020 increased to $88,000 versus $6,000 for the same period last year.
- Integrated and launched MySizeID widget for NOCTURNE, a
European women's apparel brand that designs, manufactures,
distributes, and sells ready to wear apparel
- Integrated MysizeID into e-Commerce platform of Tricorp, a
leading European workwear supplier
- Launched custom clothing made-to-measure feature for
MySizeID
Ronen Luzon, CEO of My Size, Inc., stated, "We are pleased to
report an increase in revenue for the third quarter ended
September 30, 2020, compared to the
same period last year. The increase in revenues during the third
quarter was due in part to increased retailer adoption of MySizeID,
our turnkey solution that helps consumers choose their appropriate
size and fit while shopping online, which, in turn, reduces the
retailers' returns and improves their bottom line."
"One of our global retailers, Penti, is a great use case example
for the value proposition that MySizeID is currently offering to
retailers:
- Penti reported apparel sales among customers using MySizeID
were 3X higher that those customers that did not utilize MySizeID
over a three-month period from March to May
2020
- Penti also reported returns were reduced by approximately 50%
for customers using MySizeID during the same three-month
period
We believe these results further validate our technology and its
effectiveness in reducing returns and increasing revenue for
retailers."
"During the quarter, we integrated the MySizeID widget for
NOCTURNE, a European women's apparel brand that designs,
manufactures, distributes, and sells ready to wear apparel, as well
as TriCorp, a leading European workwear supplier. Both retailers
view MySizeID as a significant value proposition, as MySizeID
improves retailers' revenues, lowers their operating costs, while
improving the consumer's shopping experience and enhancing
sustainability. We also announced that we launched a
Made-to-Measure (M2M) feature, which allows retailers to receive
customers' body measurements instead of a size, in order to make
custom-made clothing. We believe the future of the retail industry
is headed towards made-to-measure fashion and our goal is to be at
the forefront of innovation. Our initial pilots using the M2M
feature with several retailers has been encouraging and we look
forward to rolling out this feature with additional retailers."
"We are operating in a challenging environment as the heavily
hit retail industry is reeling from the effects of COVID-19 and
despite our progress over the past year, this has slowed our market
penetration. Based on current estimates, we believe that we will
reach at least 10 million size recommendations over the course of
2020. Nevertheless, we believe these impacts are temporary,
and we remain optimistic about our growth strategy for next year,
as we build our sales pipeline, add leading retailers and pursue
new international markets for both MySizeID and BoxSize."
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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.
U.S. Press Contact:
Strauss Communications
joel@strausscomms.com
www.strausscomms.com
IR Contact:
Crescendo Communications, LLC
Tel: +1 212-671-1020
Email: MYSZ@crescendo-ir.com
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SOURCE My Size Inc.