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Gap Sells China Business to Baozun For $40 Million
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Gap Sells China Business to Baozun For $40 Million

Gap (NYSE: GAP) has sold its business in Greater China to Baozun for $40 million. Baozun will operate Gap’s in-market site and stores under a franchise agreement.

The transaction is expected to close in the first half of next year. Gap stated in its press release that its decision to sell off its Greater China business was a result of its strategic business review of Gap-operated businesses globally.

The company stated that this sale will “allow Gap to serve the market through a more asset-light, cost-effective model and to benefit from the local and technology expertise of Baozun.”

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