SHANGHAI, China, Nov. 08, 2022 (GLOBE NEWSWIRE) — Baozun Inc. BZUN (“Baozun” or the “Company”), a leading branded e-commerce solution provider and digital commerce enabler in China, announced that it has signed definitive agreements to acquire Gap Greater China (“Gap Greater China”) . Cash transaction with primary consideration of US$40 million. The acquisition is subject to satisfaction of customary closing conditions and regulatory approvals.

Gap Greater China is wholly owned by Gap Inc. (“Gap”), America’s largest specialty apparel company, offering iconic comfort casual wear, accessories and personal care products for men, women and children. Since its first store in China in 2010, Gap Greater China has achieved robust expansion across Greater China and built broad brand awareness with nearly 30 million loyal members in the region. Since December 2018, the company has served as Gap Greater China’s e-commerce service partner, successfully enabling Gap Greater China to expand its e-commerce business in Greater China and achieve solid growth.

As part of its strategic plan to drive sustainable growth, Baozun has established Baozun Brand Management (BBM) as a new business unit that intends to put its dominant portfolio of technologies at the service of brands to forge longer and deeper relationships with brands. The significant size and scope of Gap Greater China makes this acquisition a significant step in BBM’s development. Baozun believes that the combination of his China-by-China strategy and his technology and data-driven approach to product and consumer business will empower Gap Greater China for sustainable future growth.

Vincent Qiu, Baozun’s Chairman and Chief Executive Officer, commented, “This acquisition accelerates our evolution into a technology-driven omni-channel commerce player. Technology is at the heart of our strategy and is our competitive advantage. With the Gap Equity brand…