 |
 |
 |
|
 |
|
 |
|
 |
|
 |
|
THERIGHTSIZE(tm) WILL SHRINK THE HIGH COST OF SIZE-RELATED MERCHANDISE RETURNSNew business-to-business service to focus on fit
SAN FRANCISCO, April 11, 2000 -- Senior executives from
the apparel, e-commerce and credit card industries have developed
a new business-to-business commerce enabler to help solve
the most frustrating and costly problem that manufacturers
and suppliers face in the trillion-dollar size-related apparel
marketplace - the return of merchandise that does not fit.
San Francisco-based TheRightSize, Inc. today announced their
intention to reduce the rate of size-related returns and increase
supply chain efficiencies through an innovative, patent-pending
technology, which they call the "Rosetta Stone of Fit."
For US retailers alone, total costs of fit-related returns
are conservatively estimated to reach $35 billion by 2003,
up from $25 billion in 1998. These costs are rooted in a fundamental
fact of the apparel industry: It is difficult for consumers
to know their size without physically trying on an item they've
never worn before. Increased sales through web and catalog
channels only exacerbate the fit returns problem.
"Our mission is to improve our business subscriber's bottom
line by increasing customer satisfaction, reducing size-related
returns and adding top line growth," said TheRightSize co-founder
and CEO Ernesto Aguirre.
Aguirre, who served previously as president of apparel for
high-growth companies Esprit, JoeBoxer Corp. and Perry Ellis
Mens, brings more than 30 years of apparel industry experience
to TheRightSize. TheRightSize management team includes co-founder
and president/COO, Krishnan Menon, who was formerly global
practice leader and managing partner of the Retail Practice
at US Web/CKS (now MarchFIRST). Menon is a well-known Internet
veteran who is a member of the W3C, a founding member of the
Standard for Internet Commerce, and serves on Microsoft's
Internet Advisory Board.
TheRightSize was founded by former Ikonic Interactive founder/chairman/CEO
Robert May. May chairs the board of directors that includes
Malcolm Williamson, currently president/CEO of Visa International
and former president of Standard Charter Bank, and Philip
Schlein, USVP venture partner and former president/CEO of
Macy's California. TheRightSize is Mr. Williamson's first
e-commerce board. "I'm excited to contribute my experience
in payments and global business strategies to quickly grow
TheRightSize worldwide," he said.
TheRightSize management team is supported by an advisory
board of retail and e-commerce experts, including: Ron Franks,
former senior vice president of operations for Gap Inc.; Edward
M. Jones III, director of the Fashion Institute of Technology
and former president/ CEO of Sigrid Olsen; Greg Shove, former
vice president of interactive marketing at AOL; and Scott
Galloway, founder of RedEnvelope.com and chairman of Prophet
Brand Strategy.
TRS raised $1.5 million dollars in Series A funding from
a group of well-respected angel investors including: Doug
Alexander, managing director of Internet Capital Group; Scott
Galloway; Harry Motro, former CEO of Infoseek/Go Network;
Paul Sagan, president/COO of Akamai Technologies; and others.
TheRightSize will launch the service later this year on-line,
by e-mail and telephone, and eventually at point-of-sale in
retail stores. For more information about TheRightSize, visit
their Web site at www.therightsize.com or call 650.552.0800. Press Contact: Merle Goldstone |