Core Insights - Baozun E-commerce reported a significant year-on-year revenue growth of 35% for its brand management business BBM, reaching 398 million yuan, indicating a clear profitability path and improved operational efficiency [1][3] - GAP's business in Greater China has undergone a transformation under Baozun's management, with a focus on localization and innovation, leading to a rapid expansion of its store network and sales performance [3][4] Group 1: Financial Performance - BBM's revenue for the second quarter of 2025 reached 398 million yuan, marking a 35% increase year-on-year [1] - GAP's strong performance has directly contributed to the revenue growth of Baozun's brand management business [3] Group 2: Business Strategy - GAP's business in Greater China has expanded to 172 stores, with a focus on penetrating new first-tier and second-tier cities, as well as emerging regions like Kashgar [3] - The brand has implemented a localized operational strategy, optimizing product offerings based on Chinese consumer preferences and lifestyle needs [4][5] Group 3: Marketing and Cultural Engagement - GAP has engaged in collaborations with local cultural IPs and trendy brands to resonate with Chinese consumers, achieving significant marketing exposure [5][9] - The brand has utilized music and dance as a means to connect with younger generations, enhancing its cultural relevance and brand image in China [8][9] Group 4: Supply Chain and Operational Efficiency - GAP has established a collaborative strategy that integrates supply chain, product, and channel management, achieving over 70% localization in design and production [5] - The brand has reduced the product development cycle to as short as six weeks, enhancing its responsiveness to market demands [5]