Brand unit lifts Baozun in Q1 amid cost pressure

Baozun posted Q1 2025 revenue of RMB 2.06 billion, up 4% YoY, led by a 23% rise in brand management sales and modest e-commerce growth. Net loss narrowed slightly to RMB 63 million, while non-GAAP loss widened to RMB 57 million due to higher sales and marketing costs. Adjusted losses in brand management narrowed 28% as Gap and Hunter exceeded expectations.