Airport City, Israel, August 13, 2020 – My Size, Inc. (the “Company” or “My Size”) (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today provided a business update for the second quarter ended June 30, 2020. A copy of the Company’s quarterly report on Form 10-Q for the second quarter ended June 30, 2020 has been filed with the Securities and Exchange Commission and posted on the Company’s website at https://ir.mysizeid.com.
- Exceeded prior forecast for MySizeID and achieved over 2.3 million size recommendations for July 2020
- Global apparel company Penti reported online apparel sales were three times higher for customers utilizing MySizeID
- Opened subsidiary in Moscow to support growing demand for measurement solutions
- Expanded footprint in France, hired two new sales executives in Paris and integrated MySizeID with two French retail apparel brands and a virtual mirror company
- Received Notice of Allowance for U.S. patent around smart mobile measurement technology; represents third patent issued/allowed in the U.S.
Ronen Luzon, CEO of My Size, Inc., stated, “We are pleased to report that we have exceeded our projected July 2020 MySizeID size recommendations, generating over 2.3 million unique size recommendations for the month. We continue to penetrate the apparel market with our proprietary measurement technology, which offers a unique value proposition to retailers online and instore. Even though we are experiencing certain disruptions to our sales and marketing activities as a result of the COVID-19 pandemic, we are generally seeing increased demand for MySizeID around the world among major retailers. Retailers are looking for a turnkey solution that helps consumers choose their appropriate size and fit while shopping online as well as improve the in-store shopping experience since most fitting rooms are currently closed due to COVID-19. We currently project that we will generate over 2.5 million size recommendations in August and believe we are on track to reach at least 20 million size recommendations over the course of 2020, based on a combination of increased penetration of our existing customers and growing adoption of MySizeID among prospective customers within our existing pipeline.”
“Last month, one of our global retailers, Penti announced that apparel sales among customers using MySizeID were three-times higher than those customers that did not utilize MySizeID for size recommendations over a period of several months. Penti also reported that returns were reduced by approximately 50% for customers using MySizeID during the same period. These impressive results further validate our technology and its effectiveness in reducing returns and increasing revenue for retailers. We continue to expand our global footprint by opening up offices in France and in Russia. We hired two new sales executives in France to address the high demand for contactless retail solutions, which is a high priority for retailers, due to the need to safely bring customers back into retail brick and mortar stores. In parallel, we opened a subsidiary in Moscow, Russia, as we are currently in active discussions with multiple companies in the retail, e-commerce, courier and logistics markets in the region. We also hired an accomplished senior sales executive to oversee operations and rapidly expand our presence in Russia and CIS markets.”
“Lastly, we are focused on rapidly building our intellectual property portfolio globally. In June, we announced that we have received a Notice of Allowance from the United States Patent and Trademark Office for for our patent application, titled: “A system for and a method of measuring a path length using a handheld electronic device.” The patent applies to the technology that powers My Size’s suite of smart mobile measurement solutions such as MySizeID™, BoxSize™ and more. The U.S. represents a very large market for our products. In 2019, retail e-commerce revenues from apparel, footwear and accessories sales were estimated at approximately USD $103.1 billion, while the transportation, courier and local delivery services markets were estimated to be approximately USD $113.5 billion in the U.S. in 2020. With this latest Notice of Allowance, My Size has now been issued/allowed three patents in the U.S. out of a total 9 issued/allowed patents worldwide and 11 patent applications pending.”
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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