Strong Revenue Growth, Strategic Market Expansion, M&A
strategy and Cutting-Edge Technology Set the Stage for Continued
Success
AIRPORT CITY, Israel, Dec. 27,
2024 /PRNewswire/ -- MySize, Inc. (NASDAQ:
MYSZ)
("MySize" or the "Company"), a global leader in AI-driven sizing
solutions and omnichannel e-commerce platforms, today shared its
annual shareholder update. The update highlights robust revenue
growth, strategic geographic expansion, transformative
technological advancements, and plans to explore M&A
opportunities within the Company's core industries.
Delivering on Growth and Performance
MySize anticipates closing 2024 with $8.5 million in revenue, reflecting a 23%
year-over-year growth. MySize believes that this momentum,
fueled by advancements in technology and market expansion of Orgad,
potentially positions the Company to achieve a projected
$15 million in revenue by 2025
based on current market conditions. Moreover, the Company believes
that it will be able to achieve further significant operational
cost savings that will enhance a flexibility in cash flow
management and provide the foundation for continued strategic
investment and growth.
"Our preliminary financial results highlight Orgad's pivotal
role in driving our revenue growth. By optimizing operational
efficiency and capitalizing on strategic market expansions, Orgad
demonstrates its capacity to deliver strong performance while
providing the flexibility needed to pursue ambitious targets," said
Ronen Luzon, Founder and CEO of MySize. "2024 has proven that our
strategy is not just ambitious, but highly effective, and we
believe that it lays the groundwork for sustainable growth."
Expanding Geographic Reach
MySize's e-commerce platform, Orgad, is undergoing a
strategic shift from focusing primarily on North America to expanding operations across
Europe.
This move follows the receipt of certification to become a
supplier for a major European retailer. This milestone
represents significant growth potential and has the potential to
unlock new opportunities in one of the world's largest retail
markets. The Company believes this strategic expansion demonstrates
Orgad's ability to adapt and capitalize on emerging
opportunities.
"We believe that Europe
represents a significant opportunity for Orgad as we tap into new
markets and strengthen relationships with global retail leaders,"
Luzon added. "The certification as a supplier to a leading European
retailer underscores our commitment to delivering excellence."
Pioneering Innovation with Naiz Fit
The Company's AI-driven sizing solution, Naiz Fit,
continues to set industry benchmarks:
- ✅ Delivered over 42 million personalized size
recommendations across 18+ countries, enabling customers
to find their perfect fit.
- ✅ Supported 1.5 million virtual try-ons, ensuring
precision and enhancing consumer confidence.
- ✅ Increased conversion rates by 5.7x, reducing friction
in the purchasing journey.
- ✅ Achieved a 14% reduction in return rates, driving cost
savings and operational efficiency for retail partners.
- ✅ Boosted average order value (AOV) by 27%, reinforcing
the financial value of MySize's solutions.
- ✅ Improved consumer engagement by 15%, creating stronger
connections between brands and their customers.
Interestingly, trousers emerged as the most frequently returned
item, providing valuable insights that MySize leverages to refine
its technology further and support its partners.
"Naiz Fit continues to solidify our position as a technological
leader in the fashion and retail space," Luzon remarked. "These
results are a testament to the impact and effectiveness of our
solutions."
Looking Ahead
"As we reflect on 2024, I am proud of how far MySize has come,"
Luzon concluded. Building on this momentum, MySize is gearing up
for a strong presence at two key industry events in January 2025: CES in Las Vegas and NRF in New York. These events present unique
opportunities to showcase our cutting-edge technologies and connect
with global leaders in the retail and e-commerce industries.
Additionally, MySize is actively exploring mergers and
acquisitions (M&A) to enhance growth opportunities and scale
operations. By targeting companies aligned with its expertise in
AI-driven sizing solutions, e-commerce platforms, and operational
technologies, MySize aims to:
- Expand Product Offerings: Enhance the range of
technologies and solutions, providing clients with more robust and
innovative tools.
- Accelerate Market Reach: Broaden geographic penetration,
especially in untapped regions, and strengthen relationships in
existing markets.
- Optimize Operational Synergies: Drive cost efficiencies
and maximize profitability through integration with complementary
businesses.
"Our approach to M&A is grounded in strategic alignment and
long-term value creation," Luzon emphasized. "By leveraging these
opportunities, we aim to scale our business and unlock innovative
pathways that support sustainable growth and deliver meaningful
results for our shareholders."
"We believe that our strategic expansion, cutting-edge
technology, and commitment to innovation position us for an
exciting future. Together, with our partners and investors, we aim
to shape the future of fashion and e-commerce."
About MySize, Inc.
MySize, Inc. (NASDAQ: MYSZ) is a global leader in omnichannel
e-commerce platforms and AI-driven sizing solutions, including
MySizeID and Naiz Fit. The Company's solutions are designed to
drive revenue growth, reduce operational costs, and enhance
customer experiences for business clients worldwide.
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 X (formerly
known as Twitter).
For more information, visit www.mysizeid.com.
Estimated Preliminary Results for the Year Ending
December 31, 2024 (Unaudited)
Set forth above are certain estimated preliminary financial
results and other business metrics for the year ended December 31, 2024. These estimates are based on
the information available to us at this time. Our actual results
may differ materially from the estimated preliminary results
presented due to the completion of our financial closing and
accounting procedures, including final adjustments, the completion
of the preparation and audit of the Company's financial statements
and the subsequent occurrence or identification of events prior to
the filing of the audited consolidated financial statements for the
fiscal year ending December 31, 2024,
in the Company's Annual Report on Form 10-K. The estimated
preliminary financial results and other business metrics have not
been audited or reviewed by our independent registered public
accounting firm. These estimates should not be viewed as a
substitute for our full interim or annual financial statements.
Accordingly, you should not place undue reliance on this
preliminary data. In addition, any such statements regarding the
Company's financial performance are not necessarily indicative of
the Company's financial performance that may be expected to occur
for the fiscal year ending December 31,
2024, or for any future fiscal period.
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 its strategic and business plans, technology,
relationships, objectives, expectations for its business, growth,
expected revenue guidance and potential merger and acquisition
opportunities. 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 may 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.
Investor Contacts
Or Kles, CFO
Email: ir@mysizeid.com
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SOURCE My Size Inc.
