After receiving regulatory approval, Chinese e-commerce supporter Baozun said that it has finished buying American clothes giant Gap’s Greater China operations.
The transaction might have a value of up to $50 million, the business said in a November announcement.
As a result, Baozun will oversee Gap’s activities in Hong Kong, Macao, and the Chinese mainland. Gap Greater China will be included in the Baozun Brand Management business segment.
Gap Inc. and Gap (UK Holdings) Limited entered into an agreement with Baozun’s wholly-owned subsidiary White Horse Hongkong Holding in order to complete the transaction.
“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.
In addition to providing end-to-end omnichannel services, Baozun, which is listed in both the US and Hong Kong, also provides IT solutions, retail operations, digital marketing, and logistics.
In 2013, the company expanded into Hong Kong and Taiwan, and in October of last year, it opened its regional headquarters in Singapore. The business said at the time that it would establish a base in the Philippines and that by the end of the year, it planned to expand to Indonesia, Vietnam, and Thailand.
