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Baozun takes over Full Jet

Feb '21
Pic: Fulljet
Pic: Fulljet
Baozun, the leading brand e-commerce service partner that helps brands execute their e-commerce strategies in China, has taken over Full Jet to strengthen its expertise in business development, strategic consulting and brand management. The acquisition will also expand the company’s geographic touchpoints with premium and luxury brands globally.

Baozun has entered into a share purchase agreement with all the shareholders of Full Jet Limited, to acquire a 100 per cent equity interest in Full Jet. The acquisition is subject to customary closing conditions.

Final enterprise value of Full Jet represents a 12.5x multiple of Full Jet’s 2020 EBITDA, with total consideration consisting of a 50 per cent initial cash payment and deferred payments in cash or equity over the following three years, subject to an annual performance target completion result. In addition, an incentive programme is granted to key members of Full Jet’s management team, which is also subject to the annual performance target completion result during the same period.

Full Jet is a strategic and brand-focused industry expert that specialises in developing go-to-market strategies for high-end and luxury brands entering the Chinese market. Its key business coverage includes brand development, strategic consulting, e-commerce operations and marketing. Full Jet has successfully leveraged its in-depth knowledge of China’s e-commerce market to support many leading international premium and luxury brand partners and groups. Full Jet has global offices in Paris, Hong Kong and Shanghai, China.

According to a recent report issued by independent third parties, China's personal luxury market was estimated to grow by over 45 per cent in 2020, within which online e-commerce has grown tremendously. In September 2020, Baozun upgraded its luxury group to a tier-1 business unit to better leverage its analytic data, insights and resources to capture the emerging demand. The company believes that this strategic acquisition of Full Jet strengthens the company’s expertise in business development, strategic consulting and brand management, and expands its geographic touchpoints with premium and luxury brands globally.

Vincent Qiu, chairman and chief executive officer of Baozun commented, “We are excited about the acquisition of Full Jet. Baozun and Full Jet share the ambition of helping international luxury and premium brand partners enter China’s fast-growing e-commerce sector. We are confident that our proven track record of capabilities with deep luxury insights and solid infrastructure, combined with Full Jet’s expertise in brand and business development, will provide a compelling value proposition for international labels looking for more strategic and empowered services like us. By capitalising on the strengths of both parties, we expect to unlock the potential for future growth of premium and luxury sectors, and we believe such initiatives will become strong growth drivers for Baozun in generating RMB20 billion in annual GMV within the next three to five years.”

Sandrine Zerbib, founder and managing partner of Full Jet added, “We are looking forward to beginning a new journey with Baozun. This acquisition opens doors to tremendous new opportunities for both of us. We are impressed with the vision and execution of Vincent and his team that have made Baozun the undisputable leader in China’s rapidly growing market for e-commerce operations and services. Baozun is an ideal partner to help us realise value through scaling-up and reaching and converting new international brand clients. We share a vision with Baozun that this acquisition will bring international premium and luxury brand e-commerce to the next level.”

Fibre2Fashion News Desk (SV)

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February 2021

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