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My sizeInc. (NASDAQ: MYSZ) today announced its joint venture with Santista Textil, pioneer of innovation in the Brazilian denim market. The joint venture marks the two companies’ commitment to helping the retail sector exceed its sustainability goals through technology, expanding the reach of Santista and MySize to hundreds of leading Brazilian brands and online retailers. in the country. $33 billion clothing market.
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 high-end textiles that use the latest technologies and sustainable solutions. .
Through the joint venture, MySize’s products will be marketed directly to Santista’s extensive customer base, which includes well-known local and international brands. Access to MySizeID can reduce returns for these brands by up to 50% and increase average order size. Additionally, the recently launched FirstLook Smart Mirror, an interactive mirror-like touchscreen for physical stores that offers personalized fit and product recommendations, will be available.
The MySize-Santista joint venture is designed to reduce expenses, increase average order sizes and put sustainability first. Every year, returns cost retailers around the world a staggering amount of money $642.6 billion and only 48% returns can be resold at full price, while £5bn of returns end up in landfills. In fact, retailers spend up to 66% the price of a product to process a return. MySize’s joint venture with Santista aims to address these issues in a meaningful and effective way, positively impacting businesses and consumers.
“Santista is a consolidated brand in the Brazilian market and a leader in using innovative technologies and sustainable solutions to improve and advance the fashion industry. Having them as a partner in our joint venture shows the strength of our solutions and the importance of sizing technology in the retail industry,” said Ronen Luzon, CEO and Founder of MySize. “Now Brazilian retailers will be able to achieve their economic and environmental goals, satisfying and exceeding the needs of their customers.”
“MySizeID and FirstLook Mirror are extremely innovative products that offer attractive benefits to fashion retailers,” said Gilberto Stocche, CEO of Santista. “Focusing on sustainability is part of Santista’s DNA, and all our projects are created with sustainability in mind, not only to prevent damage to the earth, but also to improve its health. We believe that our joint venture with MySize will do all of this while giving customers exactly what they need to drive business success: an efficient reverse logistics solution proven to significantly reduce returns while enhancing the customer experience.”