The data-driven solution enables fashion designers to turn their inspirations into patterns that are right for their market, addressing an economic and environmental problem: 30% of returned clothing is never resold
AIRPORT CITY, Israel , December 13, 2022 /PRNewswire/ — MySizeInc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) (“MySize” or the “Company”), an omnichannel The e-commerce platform and provider of AI-powered measurement solutions to drive revenue growth and reduce costs for its enterprise customers, today announced that born Fit, recently purchased SpainChina-based fashion technology company, is testing Smart Catalog with several of its current customers. Smart Catalog is a new innovative software-as-a-service (SaaS) solution that helps fashion designers create patterns that optimize fit, with the goal of reducing unsold items, improving economics for fashion brands and retailers by often, while reducing the environmental footprint.
Almost 30% of all clothing 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 world’s leading fashion brands, including a global fast fashion company that is sitting on billions in unsold inventory, while a luxury brand destroyed millions of dollars. unsold inventory instead of selling it at a discount. Beyond the huge cost to fashion brands and the environment, customers who don’t find the right fit are also left unsatisfied.
Smart Catalog directly addresses these challenges by providing fashion designers with demographic and location-specific data on customer body morphology and fit preferences. Delivered through an easy-to-use software platform, Smart Catalog enables informed decision making.
Top retail brands that are testing Smart Catalog include SpainDesigual, El Ganso and Silbon, all MySize clients who use the Naiz Fit sizing solution.
Desigual Innovation Leader, Eva Sirera commented: “With the Smart Catalog pilot, our designers will benefit from the wealth of data available on the easy-to-use platform. Fashion collections come to life through specific designs and patterns that are specifically tailored to the demographics and regions we are in. sell. We expect to see better inventory performance and more satisfied customers as a result.”
“We developed Smart Catalog based on a clear need in the market for a data-driven solution that tackles garment fit problems at their source, during the design phase. We are empowering and supporting creatives in the fashion industry by informing their intuition. with data . We believe a better fit leads to happier retail shoppers, resulting in improved sales for our fashion brand customers,” said Naiz Fit CEO and co-founder Borja Cembrero Saralegui.
“Smart Catalog is a key asset that Naiz Fit has brought to MySize. The SaaS subscription-based business model and the value the solution provides to retailers fit perfectly with MySize’s proprietary fashion technology suite,” said the CEO of MySize. Ronen Luzon.
AAbout MySize Inc.
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-powered measurement solutions, including MySizeID and the recently acquired Naiz Fit, to drive revenue growth and reduce costs for its business customers . Orgad, its online retail 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 touchscreen that offers in-store customers an enhanced shopping experience and contactless payment. FirstLook Smart Mirror extends MySize’s reach to brick-and-mortar stores and is expected to contribute to revenue through unit sales and recurring service fees.
MySize has developed a unique measurement technology based on sophisticated algorithms and state-of-the-art technology with wide applications including the apparel, e-commerce, DIY, shipping and package 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. For more information about MySize, visit our website: www.mysizeid.com.
We regularly post information that may be important to investors in the Investor Relations section of our website. Follow us at Facebook, LinkedIn, Instagrame Twitter.
click here for a demonstration of how MySizeID provides a complete sizing solution for the retail industry.
Sign up 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.
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, the anticipated proceeds and the anticipated 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 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 or suggested in the forward-looking statements are reasonable, we cannot guarantee that these plans, objectives, expectations or intentions will be realized. 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 of our common stock may vary significantly. Forward-looking statements are also affected by risk factors described in the company’s filings with the US Securities and Exchange Commission. Except as required by law, we undertake no obligation to publicly update or revise 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 information unforeseen events
Contacts for investors:
Or Kles, CFO
SOURCE My Size Inc.