Baozun E-commerce: Gap plans to re-enter the Hong Kong market and open 50 new stores on the mainland.

SighingCashier · 2026-03-26T06:45:47+00:00

Baozun E-commerce Chairman Qiu Wenbin stated that the group plans to open 50 new Gap stores in Mainland China this year and will re-enter the Hong Kong market. The company achieved its first-ever break-even in Mainland China last quarter, and will accelerate business expansion over the next three years. Last year, sales in Mainland China grew by over 20%, and it is expected to maintain a similar growth rate this year, with the latter two years increasing to 30%. Despite the loss widening last year, total revenue increased by 5.55%.

SighingCashier

2026-03-26 06:45:47

Abstract generation in progress

Baozun Inc. (09991) Chairman Qiu Wenbin told Bloomberg that the group plans to open 50 new Gap stores in mainland China this year, mainly focusing on first to third-tier cities. Additionally, they plan to re-enter the Hong Kong market within the year.

Qiu Wenbin stated that Gap achieved its first-ever break-even in the mainland China market last quarter, indicating that the new development model is working. Over the next three years, the company will accelerate business development and expansion. Last year, 29 Gap stores were opened in mainland China, bringing the total to 164 stores. Sales increased by over 20% last year, and it is expected that this year’s growth rate will be similar to last year’s, with an acceleration to 30% in the following two years. Qiu Wenbin also mentioned that the mainland consumer market is experiencing a slight recovery, with sales in the first quarter continuing the strong momentum from the end of last year. The group is confident in managing more brands.

Baozun’s net loss expanded to 242 million RMB last year, with total revenue of 9.945 billion RMB, up 5.55%. The group acquired Gap’s Greater China business in 2022 and obtained exclusive rights for manufacturing, marketing, distribution, and sales of Gap products in Greater China.

Today, Baozun’s stock price reached a high of 6.42 HKD, up 12.83%, and is currently at 6.38 HKD, up 12.13%.

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