MYSZ - MySize Acquires Naiz Fit To Consolidate Apparel Sizing Solutions And Position Company As A Potential Leader Helping Serve $1 Trillion Global Fashion Industry
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The nearly $1trillion global fashion industry is no stranger to innovation.
Thanks totechnological advancements in the e-commerce fashion industry,apparel, footwear and accessories sales ballooned in 2021, hitting $180.5billion in the U.S. alone. The sector is expected to grow by13% this year, with consumers set to spend $204.9 billion on fashionitems online.
Butwhile the industry looks promising, there are some disadvantages toshopping online — such as receiving an ill-fitting garment — thatcould affect the consumer experience and, ultimately, the sector’sgrowth.
Withreturns being a commonly potentially huge blow to retailers’ bottomlines, MySize Inc. (NASDAQ: MYSZ) has developed solutions that could benefit both sides of the shoppingexperience.
Measurement Solutions
Founded in 2014, thecompany is an omnichannel e-commerce platform and provider ofartificial intelligence (AI)-driven measurement solutions to driverevenue growth and reduce costs for its business clients.
MySize ’s MySizeID is basedon sophisticated algorithms and cutting-edge technology with broadapplications for apparel sales in e-commerce and hybridsettings.
Thecompany recently launched FirstLookSmart Mirror , a mirrorlike touch display that providesin-store customers an enhanced shopping experience and contactlesscheckout.
MySizesays Orgad, its online retail platform, has expertise in e-commerce,supply chain and technology, operating as a third-party seller on Amazon.com Inc. (NASDAQ: AMZN), eBay Inc. (NASDAQ: EBAY)and other sites.
To expand its portfolio and offerings, MySize announced on Oct. 12 that it acquired Spain-based Naiz Fit , a software as aservice (SaaS) technology solutions provider that solves size and fitissues for fashion e-commerce companies.
Naiz Fit’s SaaSTechnology
Naiz Fit’s SaaS technology acts as a digital tailor. Itgathers more than 20 body measurements without asking customers tomeasure themselves by using its proprietary AI and computer visioncapabilities to transform simple images into body measurements.
For customers who do notwant to use photos, Naiz Fit implements statistical modelingalgorithms to determine the size and fit based on height, weight, age,gender and fit preference.
MySize reports that Naiz Fit’s latest product —Smart Catalogue — will be launched following the acquisition. SmartCatalogue is designed to help retail products and design teams makethe most informed decisions for their collections based on real-timecustomer data.
With over 40 clients in Spain, Italy, Germany and France, NaizFit brings MySize a substantial customer base, including Desigual,Moschino, El Ganso, Philosophy, Alberta Ferretti, Silbon and BoglioliMilano.
Financials
Naiz Fit’s revenue and financial results will befully integrated into MySize’s consolidated results for the fourthquarter of 2022, according to the company.
As a result of the acquisition, Naiz Fit’scustomers “will reap the benefits of a broader portfolio of productsand solutions delivered by an unparalleled combined team of industryleaders with a deep understanding of the fashion e-commerce retaillandscape,” the company said.
Naiz Fit expects an estimated $400,000 in 2022revenue, with substantial increases anticipated for 2023.
MySize also anticipatesits combined Naiz Fit and MySizeID sizing solution revenue tocontribute an additional $1 million in revenues in 2023.
“Combining theMySizeID and Naiz Fit sizing solutions, we expect to gain significanteconomies in sales and marketing and to deliver unparalleled sizingtechnology to fashion retailers,” MySize Founder and CEO Ronen Luzonsaid.
“Webelieve the acquisition will be highly accretive in the near and longterm as well as being a strategic play. By leading the consolidationof sizing solutions, MySize is positioning to build greater andbroader offerings and become the leading technology provider in theindustry.”
Theacquisition of Naiz Fit could position MySize as a leading company inmeasurement solution technologies for retail, helping the companyboost revenue and grow its customer base.
MySize, Inc. (NASDAQ:MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform andprovider of AI-driven measurement solutions to drive revenue growthand reduce costs for its business clients. Orgad, its online retailerplatform, has expertise in e-commerce, supply chain, and technologyoperating as a third-party seller on Amazon.com and other sites.MySize recently launched FirstLook Smart Mirror, a mirror-like touchdisplay that provides in-store customers an enhanced shoppingexperience and contactless checkout. FirstLook Smart Mirror extendsMySize's reach into physical stores and is expected to contributeto revenues through unit sales and recurring service fees.MySize hasdeveloped a unique measurement technology based on sophisticatedalgorithms and cutting-edge technology with broad applications,including the apparel, e-commerce, DIY, shipping, and parcel deliveryindustries. This proprietary measurement technology is driven byseveral algorithms that are able to calculate and record measurementsin a variety of novel ways. To learn more about MySize, please visitour website: www.mysizeid.com.
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