THE WHAT? Authentic Brands has settled and agreed to dismiss its lawsuit against checkout tech firm Bolt. Both companies plan to continue the partnership offering seamless one-click checkout to ABC’s brands Forever 21 and Lucky Brand.
THE DETAILS Authentic Brands accused the tech firm of ‘utterly failing’ to deliver on its promises, allegedly costing the retailer US$150 million in sales. Instead of pursuing its claim, it has now accepted a minority stake in Bolt.
THE WHY? Jamie Salter, Founder, Chairman and CEO of ABG, comments, “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.”