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Authentic Brands Group settles lawsuit with Bolt

Jeremy Lim
07 July 2022

Authentic Brands Group (ABG) has settled and agreed to dismiss its lawsuit against checkout technology company Bolt.

The dismissal will see Bolt, which currently provides its services to ABG-owned brands Forever 21 and Lucky Brand, evaluate the possibility of expanding its technology to the group’s wider portfolio of brands in the coming months.

ABG filed a complaint to the US District Court on the grounds that Bolt "utterly failed to deliver on the technological capabilities" and resulted in lost sales for fashion brands within ABG’s portfolio including Nautica, Reebok and Lucky Brand.

According to the filing, ABG said Forever 21 had “experienced significant and recurring technical problems” with Bolt products, causing a “material diminution in gross sales”.

As part of the settlement, ABG has acquired shares of San Francisco-based Bolt and will maintain the partnership to provide one-click checkout to Forever 21 and Lucky Brand "while evaluating the possibility of expanding Bolt’s technology to more portfolio brands in the coming months".

Jamie Salter, Founder, Chairman and CEO of ABG, said: "ABG has always prided itself on working with best-in-class partners to build a sustainable and scalable business with a laser focus on digital innovation and ecommerce. That's why we chose to work with Bolt to deploy its exceptional checkout technology to several of our portfolio brands.

"ABG looks forward to deepening its ties with Bolt by becoming shareholders under the new leadership of Chief Executive Maju Kuruvilla and we are excited to continue exploring broader opportunities with our businesses."

Maju Kuruvilla, CEO of Bolt, added: "We are a proud partner of ABG and have enjoyed powering one-click checkout for Forever 21 and Lucky Brand. ABG's commitment to continuing its partnership with Bolt is a testament to their long-term vision of digital innovation and their ethos of identifying best-in-class partners. Today marks a new chapter in our partnership with ABG and I've never felt more confident -- together the future is ours to win."

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