AIRPORT CITY, Israel, June 6, 2017 /PRNewswire/ --
MySize Inc. (the "Company") (NASDAQ: MYSZ; TASE: MYSZ), developer of proprietary, smartphone measurement applications, announced today that it has hired fashion and internet industry expert and CEO of All is One Consultancy BV, Claudio Menegatti, to guide the Company's sales and marketing efforts in the fashion market.
Under the terms of the contract, Mr. Menegatti will promote, market and sell the Company's technology and associated software applications to on and offline fashionwear vendors and other potential customers.
According to Fashion United, the global apparel market is valued at 3 trillion dollars, 3,000 billion, and accounts for 2 percent of the world's Gross Domestic Product (GDP). In 2015, clothing generated $51.5 billion in online sales. While this market is enormous, so too is the return rate. In the United States alone, $260 billion of goods are returned each year. In 2015, 80% of the returns were clothing and accessories, with $62.4 billion due to wrong sizing.
"The apparel market is one of the Company's key current focusses and one in which we would like to expand our activity and develop a stream of partnerships. Claudio knows this world well. Moreover, he brings to the Company a long and successful history of guiding the strategy, reorganization, business development, market introduction and hard sales for multi-million dollar companies, including those in e-commerce. We welcome Claudio to the MySize family and to working together to make MySizeID and associated white label products, standards for the on and off line fashion industry," said MySize CEO Ronen Luzon.
"The power to always choose the right size during the first purchase is key to customer satisfaction and retailer success. I am enthusiastic to join the MySize team and to helping the Company establish new symbiotic partnerships in the fashion industry," said Mr. Menegatti.
Prior to opening All is One, Mr. Menegatti was the CEO of Njoy City BV and broke open the market for emotion recognition applications for market research and narrowcasting marketing for Sightcorp. He has been in the online advertisement and e-commerce area for many online companies and ad-agencies. He also served as a fundraiser for Amnesty International. He is a graduate of the HTS Confectie (Management School for Fashion Industries), Amsterdam.
About MySize Inc.
MySize Inc. (TASE: MYSZ) (NASDAQ: MYSZ) has developed a unique measurement technology based on sophisticated algorithms and cutting edge technology with broad applications including apparel industry, e-commerce, shipping and parcel industry measurement. This proprietary technology is driven by several patent-pending algorithms which are able to calculate and record measurements in a variety of novel ways. To learn more about MySize, please visit our website. http://www.mysizeid.com.
Cautionary Statement Regarding 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. 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. Known material factors that could cause actual results to differ materially from those in the forward-looking statements include: an active trading market for our common stock may not develop on NASDAQ; the trading price for our common stock may fluctuate significantly; and the Company will continue to be a "controlled company," as defined under NASDAQ rules, and the interests of our controlling stockholder may differ from those of our public stockholders. 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.
SOURCE MySize Inc.