Through Recent Acquisition, MySize Gains Strong Foothold in High-Value, Trend-Setting European Fashion Market

Rhea-AI Summary

MySize, a provider of AI-driven measurement solutions, announces the acquisition of Naiz Fit, a Spain-based fashion-tech firm. The acquisition positions MySize to capitalize on the $120 billion fashion market in Spain and Italy, with plans for European market expansion. MySize expects high-margin recurring SaaS revenues from its enhanced portfolio of sizing solutions, including the upcoming Smart Catalogue and FirstLook Smart Mirror. This strategic move strengthens MySize's foothold in Europe, bolstering its growth potential.

Positive

• Acquisition of Naiz Fit enhances MySize's fashion-tech portfolio.
• Expected high-margin recurring SaaS revenues from new products.
• Access to a $120 billion fashion market in Spain and Italy.

Negative

• None.

• MySize to monetize portfolio of fashion-tech sizing solutions with high-margin recurring SaaS revenues
• $120 B fashion market in Spain and Italy, Naiz Fit's core market, is a platform for further growth into the rest of Europe

AIRPORT CITY, Israel, Nov. 2, 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 following its recent acquisition of Spain-based Naiz Fit, MySize's expanded portfolio of fashion-tech offerings, led by its sizing solutions, are expected to drive high-margin SaaS revenues in Europe and globally. Further potential growth drivers include Naiz Fit's Smart Catalogue, a new SaaS product expected to launch imminently with an installed base of customers and MySize's FirstLook Smart Mirror which is expected to generate recurring monthly lease and subscription revenues. 

"Europe leads the fashion world in many ways including in creating the consumer journey, which is increasingly shaped by technology, and the top European fashion brands are using Naiz Fit's platform as a personal sizing concierge," stated MySize CEO and Founder, Ronen Luzon. "We believe retailers and fashion brands across the globe look to what's successful in Europe. MySize can now leverage its European headquarters in Spain to better reach and serve a global customer base, creating solid, steady growth for our high-margin SaaS fashion-tech solutions."

Naiz Fit's clients include Desigual, Moschino, El Ganso, Philosophy, Alberta Ferretti, Silbon, and Boglioli Milano, among others.   

Europe's apparel market, estimated at $397 billion in 2022, is larger than the U.S.'s at $312 billion. The fashion markets in Italy and Spain are valued at $90 billion and $30 billion, respectively. 

About MySize Inc.
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-driven measurement solutions 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 a free plan of MySizeID solution for your online store.

Please click here to download MySizeID for iOS.

Please click here to download MySizeID for Android.

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 impact does MySize's acquisition of Naiz Fit have on MYSZ's revenues?

MySize expects the acquisition to generate high-margin recurring SaaS revenues through enhanced fashion-tech offerings.

What is the market potential for MySize after acquiring Naiz Fit?

MySize aims to tap into the $120 billion fashion markets in Spain and Italy, with plans for growth throughout Europe.

What new products will MySize introduce following the acquisition?

MySize plans to launch the Smart Catalogue and enhance its FirstLook Smart Mirror to drive recurring revenues.

How does MySize plan to leverage its position in Europe after the acquisition?

MySize intends to use its European headquarters in Spain to better reach and serve a global customer base.

What strategic advantages does the Naiz Fit acquisition provide to MySize?

The acquisition allows MySize to strengthen its foothold in the high-value European fashion market.