21.02.04 M&A Transactions
3 min to read

Leaf assists Full Jet in merging with Baozun Inc.

Baozun x Full Jet

Expanding the footprint of luxury and high-end brands

LEAF assists Full Jet, strategic and brand-focused industry expert, in merging with Baozun Inc., the leading brand ecommerce service partner that helps brands execute their e-commerce strategies in China.

Full Jet specializes 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% 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. Bruno Grangier led the transaction team with Peggy Wu in China and Charlotte Mantoux in France. Leaf assisted Full Jet to structure the operation and to negotiate the transaction contracts.

“We are grateful for the collaboration with Full Jet and Baozun. Baozun’s pragmatism and efficiency were critical to fast track the structuring of the deal and the valuation. This new transaction in e-commerce in China allowed us to use our M&A expertise but also shows our financial and business acumen to assist our clients in the best of their interest.”

Bruno Grangier, Founding Partner at Leaf


“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 capitalizing 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.”

Vincent Qiu, Chairman and Chief Executive Officer of Baozun


“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 realize 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.”

Sandrine Zerbib, Founder and Managing Partner of Full Jet added


About Full Jet


Full Jet was founded by brand experts, with its founder of 27 years of experience in brand building in China. It started as a consulting agency advising fashion and sports multinationals with regards to their China development with a focus on positioning and distribution. It then developed its operational services starting with offline distribution assistance, brand management, and finally online e-commerce solutions. Leveraging its international perspective tailored for China, it has demonstrated its strengths in pitching and communicating with foreign premium and luxury brands entering China or developing their China business.

About Baozun Inc.


Baozun Inc. is the leader and a pioneer in the brand e-commerce service industry in China. Baozun empowers a broad and diverse range of brands to grow and succeed by leveraging its end-to-end e-commerce service capabilities, omni-channel coverage and technology-driven solutions. Its integrated one-stop solutions address all core aspects of the e-commerce operations covering IT solutions, online store operations, digital marketing, customer services, and warehousing and fulfillment.

About Leaf


Leaf is a corporate law firm specialized in operations in China. Its team composed of Chinese and international corporate lawyers advises mid-cap enterprises and international corporations for their M&A operations in China, their joint-ventures with public and private Chinese players, to expand distribution networks across Asia or to structure investment in Asia-based start-ups. Leaf law firm has offices in Shanghai, Beijing and Paris.