Singles Day: Luxury brands jump on China's shopping event

Sun Online Desk

12th November, 2020 09:29:11 printer

Singles Day: Luxury brands jump on China's shopping event

Luxury brands have embraced China's largest annual shopping spree, helping "Singles Day" break records once again.

Firms including Balenciaga and Prada debuted on Singles Day, or Double 11, joining around 200 luxury brands - more than double last year's figure.

Singles Day was created by Chinese online retail platform Alibaba.

This year, the annual sale racked up $74bn (£56bn), with the luxury brands helping Tmall, Alibaba's e-commerce platform, hit new highs.

The event was seen as a gauge of the health of the Chinese economy as it emerges first from the pandemic.

Despite the healthy sales figures, Alibaba and other Chinese internet giants were this week told they face new anti-trust regulations by the government, aimed at curbing their powers, BBC reported.

Shares of Alibaba, the largest of the country's tech firms, plunged almost 10% in Hong Kong on Wednesday.


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