Business
My Size Provides Business Update and Reports Results for the Second Quarter of 2019
AIRPORT CITY, Israel, Aug. 9, 2019 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of
About this update from My Size, Inc.
[{"type":"text","content":"AIRPORT CITY, Israel, Aug. 9, 2019 /PRNewswire/ -- 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, 2019.\n\n \nRonen Luzon, CEO of My Size, Inc., stated, \"We continue to aggressively penetrate the retail market with MySizeID, a turnkey measurement solution. In July, we announced that we signed a license agreement for MySizeID with Penti, Turkey's leading multi-category retail fashion underwear brand. We consider this to be a major accomplishment since Penti is a global brand with an estimated total of 550 retail stores in more than 35 countries. Additionally, during the quarter we announced that we have successfully integrated and launched the MySizeID smart measurement solution software development kit (SDK) for DeMoulin, the oldest and largest manufacturer of music performance group apparel in the world. We believe that the specialist uniforms market represents a significant opportunity for MySizeID since it is very custom and requires wearers to submit their own measurements in order for their uniforms to be appropriately tailored, which can lead to sizing mistakes and a significant financial burden for the apparel companies that have to then process returns. We are also proceeding with the global integration of MySizeID into the e-commerce platform of one of the largest apparel companies in the world, which has since been expanded worldwide. We look forward to providing further updates as this important pilot unfolds.\"\n\"We also executed agreements with a number of additional retailers either directly or through our recently announced collaboration with Shopify and Lightspeed. The Shopify platform powers over 800,000 businesses in approximately 175 countries, and Lightspeed's point-of-sale solution processed over $13 billion in gross transactions in 2018 alone. We look forward to aggressively leveraging these relationships, both of which represent potentially meaningful and highly scalable sources of reoccurring revenue as we continue to ramp up.\"\n\"At the same time, we continue to enhance our technology platform. We recently announced new functionality that enables consumers to accurately measure their bra and cup size. This new application was piloted by lead...