MySize Soars Following CES Update

MySize, Inc. MYSZ, a developer of smartphone measurement applications, saw its stock soar higher by nearly 60 percent Friday after the company announced an update to its reception at the 2018 Consumer Electronics Show in Las Vegas.

What Happened

MySize, an Israel-based company, said in a press release it concluded a "hugely successful first three days" at CES and expects consumer interest to remain strong for its MySizeID platform, a patented body measurement technology intended to "transform the way apparel is purchased online."

MySizeID lets consumers measure their body using a smartphone to determine the correct size for clothing provided online.

Why It's Important

"MySizeID has been received with excitement and enthusiasm during the first three days of CES." CEO Ronen Luzon said in a press release. "Our booth was visited by a large number of online retailers seeking to improve their customers' shopping experience. We had meetings and highly productive discussions with some of the leading retailers in the world.

"Apparel retailers know that their customers prefer to shop online and simply want to make a purchase that is the right size the first time they order. We believe that MySizeID provides the key to unlocking further growth in the multi-billion dollar online apparel market, while improving economics for retailers and giving consumers a more satisfying shopping experience."

What's Next

"In an online clothing market, estimated to be valued at over $72 billion in the U.S. alone, 70%* of apparel returns are size related, while 32%* of shoppers don't purchase fashion online because of uncertainly around size and fit. My Size has the technology to address this weakness in the e-commerce economy and we believe our solutions will deliver clear financial results for our customers."

The stock was set to close Friday's session at $2.14, up about 43 percent.

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