Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) (“Baozun” or the “Company”), a leading brand e-commerce solution provider and digital commerce enabler in China, announced the completion of the proposed acquisition of Gap (Shanghai) Commercial Co., Ltd. (“Gap Shanghai”). The State Administration for Market Regulation of China has granted the merger control anti-trust clearance towards the acquisition.
Gap Greater China was wholly owned by Gap Inc. (“Gap”), America’s largest specialty apparel company, offering apparel, accessories, and personal care products for women, men, and children. Since the opening of its first China store in 2010, Gap Greater China has achieved robust expansion throughout Greater China, amassing broad brand awareness in the region.
Following the completion of the acquisition of Gap Shanghai, Baozun will run Gap’s operations in Mainland, Hong Kong and Macao, China, starting from February 1, 2023. Gap Greater China will become part of the Baozun group, under the business line of Baozun Brand Management, led by Sandrine Zerbib, President of Baozun Brand Management.
Wing Xiao, the Head of Operations at Baozun Brand Management, who joined recently to lead the integration preparations, has been appointed as Gap Greater China’s CEO with immediate effect. Prior to joining Baozun, Ms. Xiao was the Global CEO of Miss Sixty, an Italian denim fashion brand for women. With over 20 years of enthusiastic commitment to retail and product excellence, Ms. Xiao has extensive brand management skills in multiple countries, and she has proven successful in both mature and emerging markets.
Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented: “We are excited to welcome Gap Greater China and Wing Xiao into Baozun Brand Management. This is an important milestone that accelerates our evolution into a technology-driven, omni-channel commerce player in China. 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.”
In expressing her intentions, Ms. Xiao stated: “It is with great honor to take on the role of CEO of Gap Greater China. Over the past few months, we have been working closely with our team to further understand the structure, operations and aspirations of the company, and the people that drive the machine at Gap Greater China. With thorough preparations, we have gained greater insights to fortify our action plans toward a seamless integration and successful implementation.”
“Today is a major milestone in Gap’s Partner to Amplify strategy to grow our international business through strong local partnerships,” said Mark Breitbard, President and CEO of Gap Brand. “We are deeply grateful to the teams at Gap China and Gap Inc. for helping to set the stage for Gap’s new growth chapter, and we look forward to our continued partnership with Baozun in the important China market.”