My Size Inc.(TASE:MYSZ), which recently merged with shell company TopSpin Medical, deals with fashion applications. The company has decided to raise $10 million by offering its shares on the New York Stock Exchange (NYSE). The company currently trades on the Tel Aviv Stock Exchange (TASE) at an NIS 8.5 million market cap.
My Size's product, which is still in development, is designed to make it possible to take a person's clothing measurements through his cellular telephone, so that he can buy clothes online in the right sizes. Despite the rapid development of online retail fashion sales, getting the right size is still a challenge, and fear of buying the wrong size is still deterring some potential customers.
The product has numerous competitors around the world using various methods to solve the problem of correct measurement (including Mipso, another Israeli company). In addition to correctly measuring the user, software of this type must also be able to pinpoint the sizes of all the clothing offered for sale on various websites.
My Size recently displayed its systems at the National Investment Banking Association (NIBA) Conference, the leading investment banking conference in the US. At the same time, the company said in its announcement that there was no guarantee that the financing round and share listing would be completed. As of the end of June 2014, the company had only $15,000 in cash, but it raised $4.2 million from private investors in August. Financing its regular activity cost the company NIS 943,000 in the first half of 2014.
Published by Globes [online], Israel business news - www.globes-online.com - on October 12, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014