The data-driven solution enables fashion designers to turn their inspirations into patterns that are the right fit for their market, addressing an economic and environmental issue: 30% of returned clothing is never resold.
AIRPORT CITY, Israel , December 13, 2022 /PRNewswire/ — my measureInc. (NASDAQ: MYSZ) (TASE: MYSZ.TA)) (“my measure” or the “Company”), a omnichannel e-commerce platform and provider of AI-powered measurement solutions to drive revenue growth and reduce costs for its business customers, today announced that nose Fit, it is recently acquired SpainThe tech-based fashion company is testing Smart Catalog with several of its current clients. Smart Catalog is an innovative new Software-as-a-Service (SaaS) solution that helps fashion designers create patterns that optimize fit, with the goal of reducing unsold items, improving economics for fashion brands and retailers, while reducing the environmental footprint.
MySize’s new smart catalog product provides data to optimize fashion design
Almost 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 world’s leading fashion brands, including a global fast-fashion company that has billions of unsold inventory, while a luxury brand has destroyed millions. of dollars in unsold inventory instead of selling at a discount. Beyond the enormous cost to fashion brands and the environment, customers who can’t find the right fit are also left unsatisfied.
Smart Catalog directly addresses these challenges by providing fashion designers with demographic and location-specific data on client body morphology and fit preferences. Delivered through an easy-to-use software platform, Smart Catalog enables informed decision making.
Major retail brands currently testing Smart Catalog include Spain-Based on Desigual, El Ganso and Silbon, all of them MySize clients who use the Naiz Fit sizing solution.
Innovation Leader of Desigual, eva sirera commented: “With the Smart Catalog pilot program, our designers will benefit from the wealth of data available on the easy-to-use platform. Fashion collections are brought to life through targeted designs and patterns that are specifically tailored to demographics and which regions to sell in. We expect to see better inventory performance and more satisfied customers as a result.”
“We developed Smart Catalog based on a clear market need for a data-driven solution that addresses clothing fit issues at their source, during the design phase. We are empowering and supporting creatives in the fashion industry informing their intuition with data. We believe that a better fit leads to happier retail shoppers, which results in better sales for our fashion brand clients,” stated Naiz Fit CEO and Co-Founder Borja Cembrero Saralegui.
“Smart Catalog is a key asset that Naiz Fit brought to MySize. The SaaS subscription-based business model and the value that the solution offers to retailers is a perfect fit for MySize’s portfolio of proprietary fashion technology,” said the CEO of MySize. Ronin Luzon.
AAbout MySize Inc.
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-powered measurement solutions including MySizeID and recently acquired Naiz Fit to drive revenue growth and reduce costs. costs to your business customers. Orgad, its online retail platform, has a background in e-commerce, supply chain, and technology operating as a third-party seller on Amazon.com and other sites. MySize recently launched the FirstLook Smart Mirror, a mirror-like touchscreen that provides in-store customers with an enhanced shopping experience and contactless payment. FirstLook Smart Mirror extends the reach of MySize to physical stores and is expected to contribute to revenue through unit sales and recurring service fees.
MySize has developed a unique measurement technology based on sophisticated algorithms and state-of-the-art technology with wide applications, including apparel, e-commerce, DIY, shipping and package delivery industries. This proprietary measurement technology is powered by several algorithms that can calculate and record measurements in a variety of novel ways. For more information about MySize, please visit our website: www.mysizeid.com.
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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 proceeds 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 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 or suggested by forward-looking statements are reasonable, we cannot guarantee 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 current expectations or projections. Actual results may differ materially from those in forward-looking statements and the trading price of our common shares may fluctuate significantly. Forward-looking statements are also affected by risk factors described in the Company’s filings with the US Securities and Exchange Commission. Except as required by law, we do not undertake any obligation to publicly update or revise 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 the unforeseen event. events.
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SOURCE My Size Inc.
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