The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
ABG, which owns the rights to fashion brands like Forever21, Juicy Couture and Barneys New York, alleges that Bolt did not engineer payments software for ABG when it said it would. It also alleges that it changed the terms of the warrant Bolt granted to ABG to purchase up to 5 percent of Bolt’s equity if ABG delivered “substantial growth” to Bolt through its portfolio brands, according to the lawsuit, filed in the US Southern District of New York. ABG declined to comment on the lawsuit to BoF.
In November 2021, ABG announced it was postponing its plans for an IPO until 2023 or 2024. Instead, ABG sold equity stakes to private equity firm CVC Capital and hedge fund HPS Investment Partners and other stakeholders valuing the company at $12.7 billion.
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Authentic Brands Group Inks Partnership with New Guards Group for Reebok’s Operations in Europe
The long-term partnership names New Guards Group the core operating partner for Reebok’s retail, e-commerce and wholesale channels in Europe.
The algorithms TikTok relies on for its operations are deemed core to ByteDance overall operations, which would make a sale of the app with algorithms highly unlikely.
The app, owned by TikTok parent company ByteDance, has been promising to help emerging US labels get started selling in China at the same time that TikTok stares down a ban by the US for its ties to China.
Zero10 offers digital solutions through AR mirrors, leveraged in-store and in window displays, to brands like Tommy Hilfiger and Coach. Co-founder and CEO George Yashin discusses the latest advancements in AR and how fashion companies can leverage the technology to boost consumer experiences via retail touchpoints and brand experiences.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.