Bolt, a leading checkout technology company, announces today that Authentic Brands Group (“ABG”), a global brand development, marketing and entertainment company, has settled and agreed to dismiss its lawsuit against Bolt. Both companies plan to continue the partnership offering seamless, one-click checkout to ABG’s brands Forever 21® and Lucky Brand®, while evaluating 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. “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.”
“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,” said Maju Kuruvilla, CEO of Bolt. “Today marks a new chapter in our partnership with ABG and I’ve never felt more confident — together the future is ours to win.”
“ABG’s and Bolt’s product & strategic account teams have had a long-standing relationship of mutual respect and dedication to solving tough problems together,” said Greg Greiner, SVP of Product at Bolt. “Lucky Brand® has seen a 40% year over year increase in revenue in their e-commerce channel and impressive lifts in conversion with checkout powered by Bolt. Our teams are energized by these wins and look forward to the prospect of continuing to power additional frictionless shopping journeys across the ABG portfolio.”
Adam Kronengold, Chief Digital Officer of ABG echoed these sentiments: “The e-commerce landscape continues to evolve rapidly and we are committed to working with the best and the brightest to optimize our loyal customer experiences. ABG is excited to be a part of the next chapter of Bolt’s evolution and thrilled to partner and innovate for our customers.”