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MySize Inc (NASDAQ:MYSZ), an e-commerce platform and provider of AI-driven measurement solutions, has announced a joint venture with Santista Textil, a pioneering innovator in the Brazilian denim market.
The joint venture marks the dedication of both companies to helping the retail industry exceed its sustainability goals through technology, expanding the reach of both Santista and MySize to hundreds of leading Brazilian brands and e-tailers in the country’s US$33 billion apparel market.
MySize Brazil said it will provide access by Brazilian retailers, brands, and e-commerce companies to MySize’s MySizeID size solution and its FirstLook Smart Mirror as well as Santista’s sustainable tech solutions.
READ: MySize Inc posts second quarter of record revenue as Orgad acquisition boosts sales
Santista has 93 years of experience in the Brazilian market and has become a national and global leader in fashion, trends, quality, and innovation by creating premium textiles that use the latest technology and sustainable solutions.
Through the joint venture, MySize’s products will be directly marketed to Santista’s extensive customer base, which includes local and international well-known brands. Access to MySizeID can reduce returns for these brands by up to 50% and increase the size of an average order. In addition, the recently launched FirstLook Smart Mirror, an interactive, mirror-like touch display for physical stores that offers personalized fit and product recommendations, will be available, according to MySize.
Every year, returns cost retailers worldwide a staggering $642.6 billion and only 48% of returns can be resold at full price, while five billion pounds of returns end up in landfills. Retailers can spend as much as 66% of the price of a product to process a return. MySize said its joint venture with Santista aims to address these issues.
MySize CEO Ronen Luzon said Santista is a consolidated brand in the Brazilian market and a leader in using innovative technology and sustainable solutions to improve and advance the fashion industry.
“Having them as our partner in our joint venture showcases the strength of our solutions and the importance of sizing technology in the retail industry. Now Brazilian retailers will be able to meet their economic and environmental goals, meeting and exceeding the needs of their customers,” Luzon said in a statement.
Gilberto Stocche, CEO of Santista, said: “MySizeID and FirstLook Mirror are excitingly innovative products that offer attractive advantages to fashion retailers. Focus on sustainability is part of Santista’s DNA, and all of our projects are created with sustainable development, not just in preventing damage to the earth, but improving its health. We believe our joint venture with MySize will do all this while giving customers exactly what they need to foster successful businesses: an effective reverse logistics solution that is proven to significantly reduce returns while bolstering customer experience.”
Santista Textil is an industry of Brazilian origin created in 1929, and is one of the main producers of authentic denim in the country and fabrics for professional clothing.
MySize has developed a measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications, including the apparel, e-commerce, DIY, shipping, and parcel delivery industries.
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