MySize Inc (NASDAQ:MYSZ) said that, following its recent acquisition of Spain-based Naiz Fit, it expects to have high-margin software-as-a-service (SaaS) revenues in Europe and globally on its expanded portfolio of fashion tech offerings, including its sizing solutions.
According to Airport City, Israel-based MySize other growth drivers potentially include Naiz Fit's Smart Catalogue, a new SaaS product expected to launch soon with an installed base of customers, along with MySize's FirstLook Smart Mirror, which is expected to generate recurring monthly lease and subscription revenues.
MySize CEO Ronen Luzon said Europe leads the fashion world, and the top European fashion brands are using Naiz Fit's platform as a personal sizing concierge.
READ: MySize acquires Spain's Naiz Fit to become leading digital measurement provider in fashion industry
"We believe retailers and fashion brands across the globe look to what's successful in Europe. MySize can now leverage its European headquarters in Spain to better reach and serve a global customer base, creating solid, steady growth for our high-margin SaaS fashion-tech solutions," Luzon said in a statement.
According to MySize, Naiz Fit's clients include Desigual, Moschino, El Ganso, Philosophy, Alberta Ferretti, Silbon, and Boglioli Milano, among others.
Europe's apparel market – estimated at US$397 billion in 2022 – is larger than the US market, valued at $312 billion. The fashion markets in Italy and Spain are valued at $90 billion and $30 billion, respectively, according to MySize.
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