Airport City, Israel, July 8, 2020 – 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.
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.
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.
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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.
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