Bringing an end to its 12-year foray in the region, San Francisco-based Gap has finally given a green signal to sell its Greater China business to Chinese e-commerce services provider Baozun Inc for a deal closing up to $50 million. While the deal is expected to close by mid-2023, Baozun will be acquiring the China and Taiwan-based unit in an all-cash transaction with a primary consideration of $40 million with further adjustments within a limit of $50 million. Through the franchise agreement, the Chinese provider will operate Gap’s in-market site and other stores in the region. Gap hopes to connect...