My Size Inc (NASDAQ:MYSZ) share price plunged sharply by 90% in FY2017, amid uncertainty related to its upcoming products. The company focuses on the development of an application, which will help consumers to correctly measure their own body to fit clothing as accurately as possible. After a terrible last year, its stock surged more than 230% since the start of this year.
The company’s stock started gaining momentum after it announced its body measurement technology at the annual CES in Las Vegas. The stock gained further momentum on January 8, when it next announced ‘MySizeID – The Movie’ at the CES international innovation conference in Las Vegas. This video shows the importance and capability of its new body measurement technology.
“We believe that MySizeID provides the key to unlocking further growth in the multi-billion dollar online apparel market while improving the economics for retailers and giving consumers a more satisfying shopping experience,” said My Size CEO, Ronen Luzon.
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The company’s stock soared more than 60% on Friday trade after it announced the successful conclusion of its first three days at CES in Las Vegas. According to media reports, the company experienced a strong interest from the potential customers and tech media.
The online clothing market, which is valued around $72 billion in the United States, is likely to generate a strong demand for its body measurement technology. Based on the company’s estimate, almost 70% of the clients return apparel due to size related problems. In addition, 30% of the clients refuse to buy clothes online due to uncertainty related to the size.
On the other hand, My Size offers an innovative technology to help customers in measuring their body using their smartphones. Its stock price soared almost 28% in Tuesday trade after the company announced a meeting with top retailers. Analysts expect its revenue to hit $257 million in the final quarter of 2017, while revenue estimates for the FY2018 are standing around $1.1 billion.
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