Baozun completes acquisition of Gap Greater China

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Chinese ecommerce enabler Baozun said it has completed the acquisition of American clothing giant Gap’s business in Greater China after getting clearance from regulators.

The company announced last November that the deal could be worth up to US$50 million.

Accordingly, Baozun will run Gap’s operations in mainland China, Hong Kong, and Macao. Gap Greater China will be put under the business line Baozun Brand Management.

The acquisition was done through Baozun’s wholly-owned subsidiary White Horse Hongkong Holding, which inked an agreement with Gap Inc. and Gap (UK Holdings) Limited.

“With a core team of functional experts who understand both Chinese consumers and local market dynamics, we look forward to progressing our China-for-China strategy and digitalization initiatives for Gap Greater China,” Vincent Qiu, chair and CEO of Baozun, said in a statement.

Baozun, which is listed in both the US and Hong Kong, offers end-to-end omnichannel services that cover IT solutions, store operations, digital marketing, and logistics, among others.

The firm entered Hong Kong and Taiwan in 2013 and launched its regional headquarters in Singapore last October. At the time, the company said it was setting up base in the Philippines and that it aims to expand to Indonesia, Vietnam, and Thailand by the end of this year.

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