Baozun Releases 2024 Chairman Letter
Baozun (BZUN) reported strong performance in 2024, achieving 7% year-over-year revenue growth and reaching operating profit breakeven. The company's e-commerce division (BEC) returned to growth after two years of contraction, expanding its brand partners to over 490 from 450 in 2023, with a 95% key account renewal rate.
Baozun Brand Management (BBM) delivered 16% revenue growth while reducing adjusted operating losses by 10%. The Gap store network in China expanded to 152 locations. The company's Net Promoter Score improved to 8.53 from 8.23, and they received recognition as a top service provider across multiple platforms including Alibaba and Tencent WeChat.
Baozun International (BZI) expanded its presence in Southeast Asia, introducing Hunter brand to Singapore and Malaysia. The company achieved notable environmental milestones, with ISO 14064 carbon verification for three warehouse facilities and PAS 2060 carbon-neutral status for two locations.
Baozun (BZUN) ha registrato una solida performance nel 2024, con una crescita dei ricavi del 7% su base annua e il raggiungimento del pareggio operativo. La divisione e-commerce dell'azienda (BEC) è tornata a crescere dopo due anni di contrazione, ampliando i partner di brand a oltre 490 rispetto ai 450 del 2023, con un tasso di rinnovo dei principali clienti del 95%.
Baozun Brand Management (BBM) ha ottenuto una crescita dei ricavi del 16% riducendo al contempo le perdite operative rettificate del 10%. La rete di negozi Gap in Cina si è ampliata a 152 punti vendita. Il Net Promoter Score dell'azienda è migliorato da 8,23 a 8,53 e ha ricevuto riconoscimenti come fornitore di servizi di eccellenza su diverse piattaforme, tra cui Alibaba e Tencent WeChat.
Baozun International (BZI) ha ampliato la propria presenza nel Sud-Est asiatico, introducendo il brand Hunter a Singapore e in Malesia. L'azienda ha raggiunto importanti traguardi ambientali, con la certificazione ISO 14064 per la verifica delle emissioni di carbonio in tre magazzini e lo status di carbon neutral PAS 2060 per due sedi.
Baozun (BZUN) reportó un sólido desempeño en 2024, logrando un crecimiento de ingresos interanual del 7% y alcanzando el punto de equilibrio operativo. La división de comercio electrónico de la empresa (BEC) volvió a crecer tras dos años de contracción, ampliando sus socios de marca a más de 490 desde 450 en 2023, con una tasa de renovación de cuentas clave del 95%.
Baozun Brand Management (BBM) presentó un crecimiento de ingresos del 16% mientras reducía las pérdidas operativas ajustadas en un 10%. La red de tiendas Gap en China se expandió a 152 ubicaciones. El Net Promoter Score de la compañía mejoró de 8.23 a 8.53 y recibió reconocimientos como un proveedor de servicios destacado en múltiples plataformas, incluyendo Alibaba y Tencent WeChat.
Baozun International (BZI) amplió su presencia en el sudeste asiático, introduciendo la marca Hunter en Singapur y Malasia. La empresa alcanzó hitos ambientales notables, con la verificación de carbono ISO 14064 para tres almacenes y el estatus de carbono neutral PAS 2060 para dos ubicaciones.
Baozun (BZUN)은 2024년에 강력한 실적을 보고하며 전년 대비 매출이 7% 성장하고 영업이익 손익분기점에 도달했습니다. 회사의 전자상거래 부문(BEC)은 2년간의 축소 후 성장세로 돌아섰으며, 브랜드 파트너 수를 2023년 450개에서 490개 이상으로 확대하고 주요 고객 갱신률은 95%를 기록했습니다.
Baozun Brand Management (BBM)은 매출이 16% 성장하는 동시에 조정 영업손실을 10% 줄였습니다. 중국 내 갭(Gap) 매장 네트워크는 152개 지점으로 확장되었습니다. 회사의 순추천지수(Net Promoter Score)는 8.23에서 8.53으로 개선되었으며, 알리바바와 텐센트 위챗 등 여러 플랫폼에서 우수 서비스 제공업체로 인정받았습니다.
Baozun International (BZI)은 동남아시아에서 입지를 확장하며 싱가포르와 말레이시아에 헌터(Hunter) 브랜드를 도입했습니다. 회사는 세 개의 물류창고에 대해 ISO 14064 탄소 검증을 받고 두 곳에 대해 PAS 2060 탄소중립 인증을 획득하는 등 환경 관련 중요한 성과를 달성했습니다.
Baozun (BZUN) a affiché une solide performance en 2024, avec une croissance du chiffre d'affaires de 7 % d'une année sur l'autre et l'atteinte du seuil de rentabilité opérationnelle. La division e-commerce de l'entreprise (BEC) est revenue à la croissance après deux années de contraction, élargissant ses partenaires de marques à plus de 490 contre 450 en 2023, avec un taux de renouvellement des comptes clés de 95 %.
Baozun Brand Management (BBM) a enregistré une croissance du chiffre d'affaires de 16 % tout en réduisant les pertes d'exploitation ajustées de 10 %. Le réseau de boutiques Gap en Chine s'est étendu à 152 points de vente. Le Net Promoter Score de l'entreprise est passé de 8,23 à 8,53, et elle a été reconnue comme un fournisseur de services de premier plan sur plusieurs plateformes, notamment Alibaba et Tencent WeChat.
Baozun International (BZI) a renforcé sa présence en Asie du Sud-Est en introduisant la marque Hunter à Singapour et en Malaisie. L'entreprise a atteint des jalons environnementaux importants, avec la certification carbone ISO 14064 pour trois entrepôts et le statut neutre en carbone PAS 2060 pour deux sites.
Baozun (BZUN) verzeichnete im Jahr 2024 eine starke Leistung mit einem Umsatzwachstum von 7 % im Jahresvergleich und erreichte die operative Gewinnschwelle. Die E-Commerce-Sparte des Unternehmens (BEC) kehrte nach zwei Jahren der Schrumpfung zum Wachstum zurück und erweiterte die Anzahl der Markenpartner von 450 im Jahr 2023 auf über 490, mit einer Erneuerungsrate der Schlüsselkunden von 95 %.
Baozun Brand Management (BBM) erzielte ein Umsatzwachstum von 16 %, während die bereinigten operativen Verluste um 10 % reduziert wurden. Das Gap-Filialnetz in China wurde auf 152 Standorte erweitert. Der Net Promoter Score des Unternehmens verbesserte sich von 8,23 auf 8,53, und das Unternehmen wurde als Top-Dienstleister auf mehreren Plattformen wie Alibaba und Tencent WeChat anerkannt.
Baozun International (BZI) baute seine Präsenz in Südostasien aus und führte die Marke Hunter in Singapur und Malaysia ein. Das Unternehmen erreichte bedeutende Umweltmeilensteine mit der ISO 14064-Kohlenstoffzertifizierung für drei Lagerhäuser und dem PAS 2060-Kohlenstoffneutralitätsstatus für zwei Standorte.
- 7% year-over-year revenue growth and reached operating profit breakeven
- BEC division returned to growth with expanded operating margins
- BBM achieved 16% revenue growth with 10% reduction in operating losses
- Increased brand partners to 490+ with 95% key account renewal rate
- Gap store network expanded to 152 locations in China
- BBM division still operating at a loss despite improvements
- Two consecutive years of prior contraction in e-commerce division
- International expansion still in early foundation-building phase
Insights
Baozun reaches operating breakeven with 7% revenue growth in 2024, with BBM delivering 16% growth and BEC returning to growth after contraction.
Baozun's 2024 financial performance shows meaningful progress in its ongoing strategic transformation with 7% year-over-year revenue growth and reaching operating profit breakeven - a significant milestone indicating improved operational efficiency.
The company's core Baozun e-Commerce (BEC) segment has reversed its prior trajectory, returning to topline growth after two consecutive years of contraction while simultaneously expanding its non-GAAP operating margin. This dual achievement suggests improved unit economics rather than growth at the expense of profitability. The expansion of brand partnerships to over 490 (from 450+ in 2023) indicates continued market relevance and customer acquisition success in a competitive market.
Customer satisfaction metrics are particularly strong, with the Net Promoter Score improving to 8.53 (from 8.23) and a 95% renewal rate among key accounts. These metrics typically correlate with future revenue stability and reduced customer acquisition costs, as retaining existing clients is generally more cost-effective than acquiring new ones.
Baozun Brand Management (BBM) emerges as a growth driver with 16% revenue growth while simultaneously narrowing adjusted operating losses by 10%. The Gap store network expansion to 152 locations coupled with "healthy upward trend" in store-level unit economics suggests improving efficiency in their offline retail operations. This balanced approach to expansion with improved economics indicates disciplined growth rather than expansion for its own sake.
The company's international expansion efforts remain in early stages, with specific initiatives including introducing the Hunter brand to Singapore and Malaysia. While contributing modestly to current results, these moves establish infrastructure for potential future growth opportunities beyond the Chinese market.
Baozun's recognition in Gartner's 2024 Market Guide for Distributed Order Management Systems and Direct-to-Consumer solutions highlights their technological capabilities in a space where technical differentiation can create competitive advantages. Their investments in generative AI and large language models for operations align with industry trends toward increased automation and intelligence in e-commerce operations.
As Baozun enters the final phase of its three-year strategic transformation, the improvements across multiple business lines and achievement of operating breakeven demonstrate meaningful progress in executing their strategic plan, with each business segment showing distinct positive developments.
Dear Shareholders:
On behalf of the Board of Directors and the management team at Baozun, I would like to express our deepest appreciation for your continued support and trust — especially during a year marked by global volatility and uncertainty across capital markets.
Adapting to a Changing Environment
In response to a rapidly shifting macroeconomic and digital landscape, Baozun continued its strategic transformation in 2024 to stay agile, competitive, and future-ready. Our evolution is more than a vision — it's a deliberate strategy to align with changing consumer behavior, market dynamics, and emerging technologies.
2024: A Year of Strategic Progress
Despite external headwinds, Baozun achieved
Baozun e-Commerce (BEC) returned to topline growth in 2024 after two consecutive years of contraction, while also delivering expansion in its non-GAAP operating margin. To navigate an ever-evolving market, we enhanced our creative content capabilities and leveraged proprietary technologies to help brand partners capitalize on platform interconnectivity, data intelligence, and AI-driven efficiencies. By year-end, BEC supported over 490 brand partners, up from more than 450 in 2023. Our Net Promoter Score (NPS), measured by Neilsen, rose to 8.53 from 8.23 the previous year — reflecting the trust we've built with our partners and reinforced by a strong
Baozun Brand Management (BBM) delivered
Baozun International (BZI), represents a long-term growth opportunity, and we continue to lay a solid foundation for the business and its supporting infrastructure. In 2024, we expanded our regional presence by introducing Hunter, another BBM brand, to
Technology as a Catalyst for Efficiency and Innovation
We believe our strength in technology — applied across operations and business transformation — is central to Baozun's identity. Building on this foundation, we continue to advance our capabilities and drive innovation in technology monetization, capitalizing on the momentum of omnichannel growth and the seamless integration of online and offline experiences.
We are proud that Baozun has been recognized as a Representative Vendor in Gartner's 2024 Market Guide for Distributed Order Management Systems ("OMS") and Direct-to-Consumer ("DTC") solutions. Tailored for the Chinese market, our OMS and DTC offerings provide a secure, scalable, and flexible commerce platform, empowering our brand partners to accelerate their growth. In 2024, we further enhanced generative AI and large language models in operations, offering agile and sustainable digital transformation.
Advancing Sustainability
As we move forward in our journey, we remain steadfast in our commitment to leading the e-commerce industry toward a more efficient, inclusive, and sustainable future. We employ a green operations strategy to reduce our environmental footprint across offices, warehousing, logistics, packaging, and partnerships — efforts that have contributed to significantly reducing our greenhouse gas emissions. In 2024, we achieved ISO 14064 carbon verification for three warehouse and logistics parks, with two attaining PAS 2060 carbon-neutral status.
In addition, we prioritize a "people-first" philosophy in our organizational and community efforts. By fostering a sense of "vitality" through various activities, we help employees feel a strong sense of belonging and happiness, cultivating a positive workplace environment. Our talent strategy emphasizes "individual growth and team success," establishing a framework that aligns personal achievement with corporate goals.
Looking Ahead
As we enter the final year of our three-year strategic transformation, we remain committed to maintaining our momentum while adapting to a rapidly shifting external landscape. Following the transformation, we anticipate that BEC, our core business, will enter a phase of quality growth, generating consistent and reliable cash flow. BBM is poised to capture new opportunities and create value for brand equity, driving additional revenue and becoming our new growth driver. By diversifying our revenue streams and ensuring solid financial stability, we aim to position the company for long-term success and resilience in an ever-evolving market.
We are grateful to our employees, customers, and partners for their dedication. We have also further strengthened our leadership team, bringing in deep expertise, strategic vision, and entrepreneurial zeal.
Together, we have navigated adversity and achieved measurable progress. With a continued focus on innovation, operational excellence, and financial discipline, I am confident in Baozun's future and remain committed to delivering sustainable and long-term value.
Thank you for your continued support and confidence in our vision.
Sincerely,
Vincent Wenbin Qiu
Chairman and Chief Executive Officer
Baozun Inc.
About Baozun Inc.
Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service. It serves more than 490 brands from various industries and sectors around the world, including East and Southeast Asia, Europe and North America as of December 31, 2024.
Baozun Inc. comprises three major business lines -- Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth. Driven by the principle that "Technology Empowers the Future Success," Baozun's business lines are devoted to empowering their clients' business and navigating their new phase of development.
For more information, please visit http://ir.baozun.com.
For investor and media inquiries, please contact:
Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com
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SOURCE Baozun Inc.
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