MYSZ stock is one of the biggest penny stock gainers in Thursday’s session as investors are cheering My Size, Inc. (NASDAQ:MYSZ) after it signed a license agreement with Penti for smart measurement application MySizeID.
A Solid Boost for Shareholders
Nowadays, large brands are increasingly collaborating with tech companies that are involved in providing solutions in their particular line of business. Israel-based My Size Inc, which is engaged in the creation and development of measurement solutions with smartphones, has signed a licensing agreement with one of the leaders of the underwear industry. The product in question is MySizeID, a measurement tool that allows users to find the right size for themselves with ease. Today the company announced that it has signed a licensing deal with Turkey-based Penti, which is one of the behemoths of the underwear industry and wishes to expand further in the years to come.
Penti is backed by Carlyle Group (NASDAQ:CG), which is among the biggest investment firms in the world, and the company’s expansion is almost guaranteed. At this point of time, Penti has as many as 550 stores spread over 35 countries across the globe, and it is looking to expand aggressively across the rest of the world.
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At the time of writing, MYSZ stock is up a whopping 50% at $0.648.
My Size believes that Penti’s tie-up with MySizeID will help to create a far more wholesome customer experience. The Chief Executive Officer of My Size, Ronen Luzon, said, “Adoption rates for the MySizeID measurement solution are accelerating due to the overwhelming need for a turnkey solution that helps consumers choose their appropriate size and fit both online and in-store.”
Customers will be able to get their own measurements before they buy underwear, resulting in wasting less time at the shop, and in addition to that, it will also reduce the number of returns at stores owing to buying the wrong sized item. The Chief Executive Officer of Penti, Mert Karaibrahimoğlu, stated that a customer would no longer have to go into the changing room and spend a lot of time in order to find the product of his or her size. It is a solution that can potentially raise the company’s sales significantly.
Despite today’s rally, MYSZ stock is still down 25% year-to-date.
Featured image: DepositPhotos © Wavebreakmedia
