ABG settles lawsuit with Bolt
Authentic Brands Group (ABG) said on Wednesday that it has settled and agreed to dismiss its lawsuit against payment startup Bolt.
As part of the settlement, Bolt will continue to offer seamless, one-click checkout to ABG's brands Forever 21 and Lucky Brand. The agreement also includes the possibility of expanding Bolt's technology to more portfolio brands in the coming months.
"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," said Jamie Salter, founder, chairman and CEO of ABG.
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."
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