Alibaba sees strong sales as Singles' Day beats record

Sun Online Desk

12th November, 2019 01:27:20 printer

Alibaba sees strong sales as Singles' Day beats record

 

Chinese e-commerce giant Alibaba's Singles' Day shopping frenzy has broken records in its 11th year.

The world's biggest online shopping event raked in more than $30.8bn (210bn yuan; £23bn) in sales in 16.5 hours of trading, surpassing last year's all-time-high.

A gala featuring pop star Taylor Swift launched the 24-hour shopping blitz, reports BBC

It marked Alibaba's first Singles' Day since the exit of its colourful founder, Jack Ma.

He was replaced as executive chairman by Daniel Zhang earlier this year after stepping down to focus on philanthropy and education.

The firm said sales reached $1bn in a little over one minute of trading on Singles' Day.

The shopping festival began in 2009 with participation from just 27 merchants as an event to raise awareness about the value of online shopping. More than 200,000 brands are participating in this year's event.

 

 


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