- Synergies position MySize to become one of the leading measurement solution technology providers in the fashion industry and accelerate growth by broadening tech solution offerings, and expanding European footprint, global marketing & sales infrastructure
- Addition of robust Naiz Fit customers base: Desigual, Moschino, and El Ganso among other highly recognized European and international fashion houses
- Forecasting an additional $1 million MySize revenue in 2023 with Naiz Fit acquisition
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) (“MySize” or the “Company”), an omnichannel e-commerce platform and provider of AI-driven measurement solutions to drive revenue growth and reduce costs for its business clients, today announced it has acquired Spain-based Naiz Fit, a provider of SaaS technology solutions that solve size and fit issues for fashion ecommerce companies. Naiz Fit’s revenues and financial results will be fully integrated into MySize’s consolidated results for the fourth quarter of 2022.
As a result of the acquisition, Naiz Fit’s 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 fashion ecommerce retail landscape.
MySize is acquiring Naiz Fit for $500,000 in cash and 6 million shares of MySize common stock, and up to an additional $1,550,000 in future cash based on the achievement of performance-based milestones plus a shortfall payment of approximately $450,000 payable in 2026. Naiz Fit is expecting an estimated $400,000 in 2022 revenues with substantial increases anticipated for 2023. MySize expects its combined Naiz Fit and MySizeID sizing solution revenues to contribute an additional $1 million revenues in 2023. Additional benefits including economies of scale through combined SG&A expenses are expected.
Naiz Fit’s SaaS technology acts as a digital tailor. Without asking customers to measure themselves, Naiz Fit obtains 20+ body measurements using its proprietary AI and computer vision capabilities by transforming simple images into body measurements. For customers who do not want to use photos, Naiz Fit implements statistical modeling algorithms to determine size and fit based on height, weight, age, gender, and fit preference. Convolutional neural networks enable the company’s technology to extract direct body measurements and body morphologies with the highest accuracy.
Following the acquisition, Naiz Fit’s latest product, Smart Catalogue, will be launched. Smart Catalogue is designed to help retail product and design teams make the most informed decisions for their collections based on real-time customer data.
With over 40 clients in Spain, Italy, Germany, and France, Naiz Fit brings to MySize a substantial customer base including Desigual, Moschino, El Ganso, Philosophy, Alberta Ferretti, Silbon, and Boglioli Milano, among others.
“Combining the MySizeID and Naiz Fit sizing solutions, we expect to gain significant economies in sales and marketing and to deliver unparalleled sizing technology to fashion retailers,” stated Ronen Luzon, CEO, and Founder of MySize. “We believe the acquisition will be highly accretive in the near and long-term as well as being a strategic play. By leading the consolidation of sizing solutions, MySize is positioning to build greater and broader offerings and become the leading technology provider in the industry.”
Borja Cembrero Saralegui, Co-Founder of Naiz Fit, commented, “Our current customers will benefit significantly from Naiz Fit joining forces with MySize, a Nasdaq listed company with global reach serving some of the largest retailers in the world, and offering complementary products such as FirstLook Smart Mirror. Our pure ecommerce and hybrid apparel retailer clients will have access to the best portfolio of solutions to improve their business economics.”
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