The Forever 21 parent blames the payments startup’s “botched” tech rollout for over $150 million in missed online sales.
ABG contended that, despite boasting of its advanced capabilities, “Bolt has utterly failed to deliver” on the tech, which was supposed to include “the ability to seamlessly integrate Bolt’s products into brand partners’ websites and the ability to deliver a viable AllPass product on a commercially reasonable time line” of at least Jan. 15, 2021.
. For the latter alone, the “botched” execution stymied the brand’s e-commerce business, costing Forever 21 more than $150 million in missed e-commerce sales “during the period of Bolt integration,” according to ABG.Glitches or poorly thought-out tech features can be devastating for all forms of retail, but shoring up e-commerce systems in particular may be crucial for Gen Z favorites like Forever 21, especially as they look to evolve in the virtual world. The business partnered with Tokens.
In the beginning, the arrangement was supposed to be a win for all sides, as a partnership with ABG and its brands would give the start-up more stature, and as its profile grows, the deal would allow the fashion company to pick up a 5 percent stake in a business recently valued at $11 billion.Of course, Bolt has rejected this characterization, describing ABG’s claims as a meritless and “transparent attempt” to renegotiate the terms of their agreement.
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