My Size Opens Subsidiary in Moscow to Support Growing Demand for Measurement Solutions and to Expand Foothold in Russia and CIS Markets

Rhea-AI Summary

My Size, Inc. (NASDAQ: MYSZ) announced the opening of a new subsidiary in Moscow, Russia, targeting growing demand for its innovative measurement solutions. The subsidiary aims to enhance the company's presence in Russia and CIS markets, bolstered by the hiring of a senior sales executive, Yossi Milstein. The CEO noted significant e-commerce growth in the region, citing that 71% of Russian consumers shop online monthly. MySizeID and BoxSize solutions aim to improve operational efficiency for retailers and logistics companies, capitalizing on this trend.

Positive

• Opened a new subsidiary in Moscow to meet growing demand for measurement solutions.
• Hired senior sales executive Yossi Milstein to lead business development in Russia and CIS markets.
• Capitalizing on significant e-commerce growth in Russia, with 71% of consumers shopping online monthly.

Negative

• None.

AIRPORT CITY, Israel, July 8, 2020 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today announced it has opened a new subsidiary in Moscow, Russia in order to meet the growing demand for its measurement solutions and gain a stronger foothold in the fast-growing Russia and CIS markets. The Company has also hired a new senior sales executive, Yossi Milstein, to lead business development and operations for BoxSize and MySizeID within the Russian and CIS markets.

 

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Ronen Luzon, Chief Executive Officer of My Size, commented, "We are in active discussions with multiple companies in the retail, e-commerce, courier and logistics markets in the region. Opening a subsidiary in Russia was a natural next step for us in supporting the growing demand in Russia and other CIS countries. Given the significant market opportunity in the region, we also hired an accomplished senior sales executive to oversee operations and rapidly expand our local presence. Russia has among the highest rates of online shoppers, with an estimated 71% of Russian customers shopping online at least once a month and 79% of them using smartphones for online shopping. E-commerce purchases have been doubling in Russia each year since the start of the 2010s. At the same time, third-party logistics and intralogistics companies are also poised for rapid growth. As a result, we see an attractive business opportunity for MySizeID and BoxSize by helping retailers, logistics and other companies attract and convert customers, as well as improve their bottom line."

The MySizeID turnkey solution can help retail companies reduce costs and enhance the shopper experience by providing a more efficient sizing solution for consumers. MySizeID is a size-recommendation tool based on shoppers' personal body measurements, taken with their smartphone sensors without using the camera.  BoxSize is an intuitive parcel measurement app that provides real-time logistics data on package volumes and transportation, resulting in improved operational efficiency and reduced operating expenses. 

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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.

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 is the purpose of My Size's new subsidiary in Moscow?

The subsidiary aims to meet the growing demand for My Size's measurement solutions and expand its foothold in Russia and CIS markets.

Who has My Size appointed to lead operations in the Russian market?

My Size has appointed Yossi Milstein as the new senior sales executive to oversee business development in the Russian market.

How does My Size plan to benefit from the Russian e-commerce market?

My Size plans to benefit by offering solutions like MySizeID and BoxSize, which enhance operational efficiency and customer experience for retailers and logistics companies.

What percentage of Russian consumers shop online at least once a month?

Approximately 71% of Russian consumers shop online at least once a month.

What are MySizeID and BoxSize?

MySizeID is a sizing tool based on personal body measurements, while BoxSize is a parcel measurement app that provides logistics data to improve efficiency.