GAP Inc. sells its China business
Global brand GAP has confirmed the sale of its business in Greater China to its longstanding local partner Baozun Inc.
Hereon, Baozun will operate the Gap Brand business through online and offline stores in Mainland China and Hong Kong under a franchise agreement.
“To make sure our partnership is successful, a team within the Franchise, Strategic Alliances and Licensing (FSAL) division will be responsible for leading the new franchise partnership with Baozun…While we continue to work towards regulatory approval in Taiwan that will allow us to complete the full sale and transition of our Gap Greater China business to Baozun, today is a major milestone in our Partner to Amplify strategy to grow our Gap international business through strong local partnerships,” stated Mark Breitbard, President and CEO of Gap Brand and Adrienne Gernand, Managing Director of International, Global Licensing and Wholesale, GAP Inc.
“We are deeply grateful to the teams at Gap Greater China and Gap Inc. for helping to set the stage for Gap’s new growth chapter in this important market,” they added.
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