Information-driven answer powers trend designers to show their inspirations into patterns that match appropriately for his or her market, addressing an financial and environmental drawback: 30% of clothes returned is rarely 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.
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Ahead-looking Statements
This press launch accommodates sure forward-looking statements inside the which means of the secure harbor provisions of the Personal Securities Litigation Reform Act of 1995, together with statements associated to the acquisition, anticipated revenues, and the anticipated closing of the acquisition. These statements are recognized by means of the phrases “might,” “consider,” “anticipate,” “intend,” “estimate,” “count on,” “could,” “proceed,” “predict,” “potential,” “challenge” and comparable expressions which might be supposed to determine forward-looking statements. All forward-looking statements converse solely as of the date of this press launch. You shouldn’t place undue reliance on these forward-looking statements. Though we consider that our plans, goals, expectations and intentions mirrored in or advised by the forward-looking statements are cheap, we may give no assurance that these plans, goals, expectations or intentions will probably be achieved. Ahead-looking statements contain vital dangers and uncertainties (a few of that are past our management) and assumptions that would trigger precise outcomes to vary materially from historic expertise and current expectations or projections. Precise outcomes could differ materially from these within the forward-looking statements and the buying and selling value for our widespread inventory could fluctuate considerably. Ahead-looking statements are also affected by the danger components described within the Firm’s filings with the U.S. Securities and Trade Fee. Besides as required by legislation, we undertake no obligation to replace or revise publicly any forward-looking statements, whether or not because of new info, future occasions or in any other case, after the date on which the statements are made or to mirror the incidence of unanticipated occasions.
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SOURCE My Dimension Inc.
