Business
My Size Provides Business Update for the Third Quarter of 2020
AIRPORT CITY, Israel, Nov. 12, 2020 /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, Nov. 12, 2020 /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 third quarter ended September 30, 2020. A copy of the Company's quarterly report on Form 10-Q for the third quarter ended September 30, 2020 has been filed with the Securities and Exchange Commission and posted on the Company's website at https://ir.mysizeid.com.\nRecent Highlights\nRevenue for the third quarter of 2020 increased to $88,000 versus $6,000 for the same period last year. Integrated and launched MySizeID widget for NOCTURNE, a European women's apparel brand that designs, manufactures, distributes, and sells ready to wear apparel Integrated MysizeID into e-Commerce platform of Tricorp, a leading European workwear supplier Launched custom clothing made-to-measure feature for MySizeIDRonen Luzon, CEO of My Size, Inc., stated, \"We are pleased to report an increase in revenue for the third quarter ended September 30, 2020, compared to the same period last year. The increase in revenues during the third quarter was due in part to increased retailer adoption of MySizeID, our turnkey solution that helps consumers choose their appropriate size and fit while shopping online, which, in turn, reduces the retailers' returns and improves their bottom line.\"\n\"One of our global retailers, Penti, is a great use case example for the value proposition that MySizeID is currently offering to retailers: \nPenti reported apparel sales among customers using MySizeID were 3X higher that those customers that did not utilize MySizeID over a three-month period from March to May 2020 Penti also reported returns were reduced by approximately 50% for customers using MySizeID during the same three-month periodWe believe these results further validate our technology and its effectiveness in reducing returns and increasing revenue for retailers.\"\n\"During the quarter, we integrated the MySizeID widget for NOCTURNE, a European women's apparel brand that designs, manufactures, distributes, and sells ready to wear apparel, as well as TriCorp, a leading European workwear supplier. Both retailers view MySizeID as a significant value proposition, as MySizeID improves retailers' revenues, lowers their operating costs, whil...