MySize's New Smart Catalogue SaaS Product Delivers Data to Optimize Fashion Design--Now Piloted with Top-Tier Global Fashion Brands Desigual, El Ganso, and Silbon

Rhea-AI Summary

MySize has introduced its new Smart Catalogue, a SaaS solution aimed at enhancing fashion design by optimizing clothing patterns for better fit. The initiative, piloted with major brands like Desigual, El Ganso, and Silbon, seeks to reduce the substantial problem of unsold inventory, where nearly 30% of clothing returns are never resold. This innovative tool provides designers with demographic data to create market-specific patterns, potentially boosting inventory performance and customer satisfaction.

Positive

• Smart Catalogue being piloted by major brands (Desigual, El Ganso, Silbon) may increase customer satisfaction and inventory performance.
• Addresses significant market issue of unsold inventory, providing a solution for better fit in clothing design.

Negative

• None.

Data-driven solution powers fashion designers to turn their inspirations into patterns that fit correctly for their market, addressing an economic and environmental problem: 30% of clothing returned is never 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.

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's Smart Catalogue?

Smart Catalogue is a SaaS solution designed to optimize clothing patterns for fit, helping designers create better-fitting garments.

Which brands are piloting MySize's Smart Catalogue?

Major brands piloting Smart Catalogue include Desigual, El Ganso, and Silbon.

What problem does Smart Catalogue address?

It aims to reduce the unsold inventory issue in the fashion industry, where approximately 30% of clothing returns are never resold.

When was Smart Catalogue announced?

Smart Catalogue was announced in a press release on December 13, 2022.

What are the expected benefits of Smart Catalogue for retailers?

Retailers expect improved inventory performance and increased customer satisfaction through better-fitting products.