ABG settles lawsuit with Bolt
Authentic Brands Grouppayment startup Bolt.
As part of the settlement, Bolt will continue to offer seamless, one-click checkout to ABG’s brands Forever 21Lucky Brand
“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
Moreover, ABG has become “shareholders” of the fintech startup.
Salter continued: “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.”
In March, Bolt was sued by ABG, who alleged that the San Francisco-based company failed to deliver technology that it promised and that it missed out on important online sales.
“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,” added Kuruvilla.
“Today marks a new chapter in our partnership with ABG and I’ve never felt more confident — together the future is ours to win.”
