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Authentic Brands Group Sues Fintech Partner Bolt

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In a new lawsuit, ABG alleges fintech partner Bolt did not deliver its payments technology on time. (Getty Images)

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.

Learn more:

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.

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Inside the $7 Billion Dior Phenomenon