Global Apparel Company Penti Reports Online Apparel Sales Three-Times Higher for Customers Utilizing MySizeID

Rhea-AI Summary

My Size, Inc. (NASDAQ: MYSZ) partnered with global apparel brand Penti, reporting that customers using MySizeID had apparel sales three times higher than non-users during March to May 2020. Returns for these customers decreased by approximately 50%. Following the success in lingerie and swimwear, MySizeID has been expanded to Penti's sleepwear line. CEO Ronen Luzon noted that nearly 8% of Penti's customers utilized MySizeID, indicating significant growth opportunities among the estimated four million monthly shoppers on Penti's platform.

Positive

• Sales among MySizeID users were three times higher than non-users.
• Returns decreased by approximately 50% for MySizeID users.
• MySizeID has been expanded into Penti's sleepwear line.

Negative

• None.

AIRPORT CITY, Israel, July 27, 2020 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, and Penti, a global apparel brand with 600 retail stores in over 35 countries, announced today that apparel sales among customers using MySizeID were three-times higher than those customers that did not utilize MySizeID for size recommendations during a three-month period of March, April and May 2020.  Penti also reported that returns were reduced by approximately 50% for customers using MySizeID during the same period.  Additionally, MySizeID has been added to Penti's sleepwear apparel line following the successful rollout within lingerie and swimwear.

Penti Giyim's CEO Mert Karaibrahimoğlu, commented, "As Turkey's leading multi-category retail fashion underwear brand, MySizeID guides our customers, both in our stores and online, to purchase with confidence the best fitting apparel items, while also reducing returns.  We are very pleased with the successful results of MySizeID within lingerie and swimwear and we are expanding into additional apparel categories. Importantly, MySizeID has increased our online conversion rates and reduced returns by 50% from March through May 2020.  We remain committed to providing the highest quality customer experience to our users."

Ronen Luzon, Chief Executive Officer of My Size, commented, "Penti is a great case study for our patented measurement technology. Over a period of several months, we generated a dramatic increase in conversion rates and total purchases among customers that used MySizeID.  We are especially proud of the significant reduction in returns among MySizeID users, which otherwise represents an enormous cost to retailers.  As of May, nearly 8% of Penti customers were utilizing MySizeID.  While the uptake has been impressive, there is still significant room for growth among Penti's estimated four million plus customers per month who shop on their website."

To learn more about how Penti increased sales and reduced returns with My Size, read the success story here 

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About Penti

Headquartered in Istanbul, Turkey, and backed by the Carlyle Group, Penti is a global apparel brand with 600 retail stores in over 35 countries. A young, trendy, and innovative brand, Penti delivers a consistent and fulfilling brand experience at each and every customer touch point through its omnichannel approach. Over 4 million customers shop online monthly for undergarments & intimates, swimwear, and sleepwear.

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

Register here for a one-month free trial of MySizeID solution for your online store. 

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:
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 My Size Inc.

FAQ

What were the sales results for MySizeID users at Penti?

Customers using MySizeID reported apparel sales that were three times higher than those who did not use the service.

How much did returns decrease for customers using MySizeID?

Returns decreased by approximately 50% for customers using MySizeID.

Which new product line has MySizeID been added to at Penti?

MySizeID has been added to Penti's sleepwear apparel line.

What percentage of Penti customers used MySizeID?

As of May 2020, nearly 8% of Penti customers were utilizing MySizeID.

What is the main benefit of using MySizeID according to Penti's CEO?

MySizeID increases online conversion rates and reduces returns.