Information-driven resolution powers vogue designers to show their inspirations into patterns that match accurately for his or her market, addressing an financial and environmental drawback: 30% of clothes returned isn’t resold
AIRPORT CITY, Israel , Dec. 13, 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 Naiz Fit, its recently acquired Spain-based fashion tech company, is test piloting Smart Catalogue with several of its current customers. Smart Catalogue is an innovative new software-as-a-service (SaaS) based solution that helps fashion designers create patterns that optimize fit, with the aim of reducing unsold items, improving economics for fashion brands and retailers, while reducing environmental footprint.
Nearly 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 top fashion brands in the world, including a fast-fashion global company that is sitting on billions worth of unsold inventory, while a luxury brand has destroyed millions of dollars worth of unsold inventory instead of selling at a discount. Beyond the enormous cost for fashion brands and the environment, customers who can’t find the right fit are also left unsatisfied.
Smart Catalogue directly addresses these challenges by providing fashion designers with demographic and location specific data about customer body morphology and fit preferences. Delivered through a user-friendly software platform, Smart Catalogue enables informed decisions.
Major retail brands currently piloting Smart Catalogue include Spain-based Desigual, El Ganso, and Silbon, all of which are MySize customers using the Naiz Fit sizing solution.
Desigual’s Innovation Leader, Eva Sirera commented, “With the pilot of Smart Catalogue, our designers will benefit from the wealth of data available on the user-friendly platform. Fashion collections are coming to life through designs and specific patterns that are specifically tailored to the demographics and regions in which we sell. We expect to see better inventory performance and more satisfied customers as a result.”
“We developed Smart Catalogue based on a clear need in the market for a data-driven solution that addresses apparel fit issues at its very source, during the design phase. We’re empowering and supporting the creatives in the fashion industry by informing their intuition with data. We believe better fit leads to happier retailer shoppers, resulting in improved sales for our fashion brand customers,” stated Naiz Fit CEO & Co-Founder, Borja Cembrero Saralegui.
“Smart Catalogue is a key asset that Naiz Fit brought to MySize. The SaaS subscription-based business model and the value that the solution delivers to retailers is a perfect fit for MySize’s proprietary fashion tech pipeline,” stated MySize CEO Ronen Luzon.
About MySize Inc.
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-driven measurement solutions including MySizeID and recently acquired Naiz Fit 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.
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Or Kles, CFO
SOURCE My Dimension Inc.