MySize expects to double revenue in 2023

MySize, a provider of AI-driven apparel sizing and digital experience solutions, said it expects to double revenue this year following a strong end to 2022.

The company said it made revenue of approximately 2.5 million dollars in the fourth quarter ended December 31, which CEO and founder Ronen Luzon said was a “strong indication that we are on a path to double revenues in 2023”.

That came after the company’s revenue for the year surged 3,304 percent to 4.56 million dollars compared to the 131,000 dollars it made a year earlier, which it primarily attributed to revenue generated following its acquisition of Orgad.

In February of last year, MySize announced it had bought Orgad, an omnichannel e-commerce platform headquartered in Israel and operating globally.

Then in October, it snapped up Spain-based Naiz Fit, a software-as-a-service (SaaS) provider of size and fit solutions.

MySize said that 4.13 million dollars of its revenue in 2022 was generated by Orgad. Meanwhile, software-as-a-service (SaaS) revenue from MySize and Naiz Fit increased 150 percent to 327,000 dollars.

The company said it managed to narrow its net loss for the year to 8.31 million dollars from 10.52 million dollars a year earlier.

Luzon said he expects MySize to make approximately 1 million dollars in sizing solution revenues in 2023 following its acquisition of Naiz Fit, which will continue to improve the company’s profitability.