MySize acquires Naiz Fit to consolidate apparel sizing solutions and position the company as a potential leader helping to serve $1 trillion in the global fashion industry – eBay (NASDAQ:EBAY), Amazon.com ( NASDAQ: AMZN)

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The almost $1 trillion the global fashion industry is no stranger to innovation.

Thanks to technological advancements in the e-commerce fashion industry, sales of apparel, footwear and accessories have exploded in 2021, reaching $180.5 billion in the United States only. The sector is expected to grow 13% this year, with consumers expected to spend $204.9 billion on fashion items online.

But while the industry looks promising, there are some downsides to online shopping – like receiving an ill-fitting garment – ​​that could affect the consumer experience and ultimately the growth of the industry.

With returns usually being a potentially huge hit to retailers’ bottom line, MySize Inc. MYSZ has developped solutions that could benefit both sides of the shopping experience.

Measurement solutions

Founded in 2014, the company is an omnichannel e-commerce platform and provider of artificial intelligence (AI)-based measurement solutions to drive revenue growth and reduce costs for its business customers.

My sizeit is MySizeID is based on sophisticated algorithms and state-of-the-art technology with wide applications for apparel sales in e-commerce and hybrid environments.

The company recently launched FirstLook Smart Mirrora mirror touchscreen that provides in-store customers with an enhanced shopping experience and contactless payment.

MySize says Orgad, its online retail platform, has expertise in e-commerce, supply chain and technology, operating as a third-party seller on Amazon.com Inc. AMZN, eBay Inc. EBAY and other sites.

To expand its portfolio and offerings, MySize announcement on October 12, it acquired the Spanish company Naiz Cupa software-as-a-service (SaaS) technology solutions provider solving size and fit issues for fashion e-commerce businesses.

SaaS technology from Naiz Fit

Naiz Fit’s SaaS technology acts as a digital tailor. It collects over 20 body measurements without asking customers to measure themselves by using its proprietary artificial intelligence and computer vision capabilities to turn simple images into body measurements.

For customers who do not wish to use photos, Naiz Fit implements statistical modeling algorithms to determine size and fit based on height, weight, age, gender and fit preference .

MySize reports that Naiz Fit’s latest product – Smart Catalog – will be launched after the acquisition. Smart Catalog is designed to help retail product and design teams make the most informed decisions for their collections based on real-time customer data.

With more than 40 customers in Spain, Italy, Germany and France, Naiz Fit brings a large customer base to MySize, including Desigual, Moschino, El Ganso, Philosophy, Alberta Ferretti, Silbon and Boglioli Milano.

finance

Naiz Fit’s revenue and financial results will be fully integrated into MySize’s consolidated results for the fourth quarter of 2022, according to the company.

Following the acquisition, Naiz Fit customers “will reap the benefits of a broader portfolio of products and solutions delivered by an unparalleled combined team of industry leaders with a deep understanding of the retail landscape at online fashion retail,” the company said.

Naiz Fit forecasts estimated revenue of $400,000 in 2022, with substantial increases planned for 2023.

MySize also projects that the combined revenue from its Naiz Fit and MySizeID sizing solutions will bring in an additional $1 million in revenue in 2023.

“By combining MySizeID and Naiz Fit sizing solutions, we expect to achieve significant cost savings in sales and marketing and provide unparalleled sizing technology to fashion retailers,” said MySize Founder and CEO Ronen Luzon. .

“We believe the acquisition will be highly accretive in the short and long term, as well as being a strategic one. By leading the consolidation of sizing solutions, MySize is positioning itself to create larger and broader offerings and become the leading industry technology.

The acquisition of Naiz Fit could position MySize as a leading retail measurement solutions technology company, helping the company increase revenue and grow its customer base.

Photo presented by Gorodenkoff on Shutterstock

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