Baozun is a brand e-commerce enabler in China, helping global brands — including Nike, Philips, and Microsoft — sell products to Chinese consumers online. Through its core segment, Baozun E-Commerce (BEC), Baozun manages the full e-commerce value chain on behalf of brand clients: setting up and running online stores, digital marketing, customer service, and order fulfillment. BEC operates across all major Chinese platforms, including Tmall, JD.com, Douyin, and Xiaohongshu. BEC operates under three models: a distribution model (Baozun buys and resells inventory, taking on inventory risk), a service fee model (Baozun charges brands fees for store operations and marketing), and a consignment model (similar to service fee, but also includes warehousing and fulfillment). Services revenue is the majority of BEC revenue. In 2023, Baozun launched a second segment, Baozun Brand Management (BBM), which takes a direct ownership stake in Western brands operating in China. BBM's primary asset is an exclusive 20-year license to manufacture and sell Gap products in Greater China; Baozun also holds a 51% stake in a JV managing the Hunter brand in Greater China and Southeast Asia. BBM operates more like a traditional branded apparel retailer, selling through physical stores and e-commerce. Baozun's stated goal is to grow group profitability by expanding BEC's distribution business toward higher-margin apparel categories, scaling Gap China's store count, and leveraging synergies between BEC's e-commerce infrastructure and BBM's brand management operations.