MySizeID for Pets: MySize to Launch AI-Driven Sizing Solution for $5 Billion Pet Clothing Market

Rhea-AI Summary

MySize, Inc. (Nasdaq: MYSZ) announced the upcoming launch of its MySizeID apparel sizing solution tailored for the estimated $5 billion pet apparel market, focusing on dogs and cats. This innovative solution is projected to capitalize on the pet apparel industry's growth potential, which is expected to reach $7 billion by 2028, driven by factors such as increased pet ownership and consumer demand for sustainable options. The company aims to enhance the shopping experience for pet owners while reducing return rates and associated environmental impacts.

Positive

• MySizeID will target a projected $5 billion pet apparel market.
• The pet apparel market is expected to reach $7 billion by 2028.
• Innovative sizing technology aims to reduce return rates and enhance sustainability.

Negative

• None.

• First sizing solution of its kind to help get the right fit and maximize apparel comfort for dogs and cats
• Recent launch of fashionable dog apparel by high-profile human fashion brands driving growth to an estimated $7 billion by 2028

AIRPORT CITY, Israel, March 9, 2023 /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 its MySizeID apparel sizing solution will soon be available for the $5 billion pet apparel market, including for dogs and cats.

MySize is leveraging its position as one of the world's leading digital sizing solution providers with MySizeID and Naiz Fit, which are now used by leading apparel brands globally, providing hundreds of thousands of size recommendations for consumers annually.

The pet apparel market is projected to grow to an estimated $7 billion in 2028 driven by rising pet ownership worldwide, pet humanization, growing demand for sustainable pet clothing, and an increasing number of brands, including new dog apparel brands and well-established human brands now designing for the pet market. The dog segment is expected to continue to dominate the market.

Human fashion brands now offering pet apparel include Urban Outfitters, H&M, Moschino, Moncler, and Ralph Lauren. As with human brands, pet apparel shoppers are making sustainability a priority. By providing an accurate size recommendation, MySizeID reduces size-related returns for online apparel shoppers and associated environmental impacts. These sustainability benefits can now be extended to pet apparel purchases.

"The tremendous variety of dog breeds, sizes, and proportions underscore the need for an easy-to-use, mobile phone based sizing solution," stated MySize CEO and Founder, Ronen Luzon. "As an increasing number of pet parents are purchasing apparel for their four-legged life companions, choosing the right size has not been easy." 

"We believe MySizeID will be the first pet apparel sizing solution on the market, based on our assessment, and we look forward to working with innovative pet apparel retailers that aim to improve their consumer journey and sustainability."

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.

FAQ

What is MySize launching for the pet apparel market?

MySize is launching the MySizeID apparel sizing solution for the pet apparel market.

What is the projected growth of the pet apparel market?

The pet apparel market is projected to grow to $7 billion by 2028.

What is the significance of MySizeID in pet apparel?

MySizeID aims to provide accurate sizing, reducing return rates and enhancing the consumer experience.

What is the market size MySizeID will enter?

MySizeID will enter the $5 billion pet apparel market, focusing on dogs and cats.

How does MySizeID impact sustainability?

By providing accurate size recommendations, MySizeID reduces size-related returns, positively affecting sustainability.