Gap Sells Money-Losing China Business to Baozun for $50 million

What’s new: American clothing retailer Gap Inc. is selling its business in greater China to Chinese e-commerce services provider Baozun Inc. for as much as $50 million, Baozun said Tuesday.

Baozun, which has partnered with Gap Greater China since 2018, also signed a series of business agreements to get exclusive authorization to produce, market and sell Gap’s products in China and to design Gap products in China. The agreements will last 10 years and can be renewed for 10 years.