HANGZHOU, China (Reuters) – Chinese e-commerce giant Alibaba Group Holding Inc (BABA.N) on Monday said sales for its annual Singles’ Day shopping blitz hit 158.31 billion yuan ($22.63 billion) in its first nine hours, up 25% from 126.72 billion yuan at the same point last year.
go to link The logo of Alibaba Group is seen during Alibaba Group’s 11.11 Singles’ Day global shopping festival at the company’s headquarters in Hangzhou, Zhejiang province, China, November 10, 2019. REUTERS/Aly Song
Akin to Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world’s biggest online sales event.
For an interactive graphic on the event, click here tmsnrt.rs/2WTFm7V.
Alibaba netted sales worth $30 billion on its platforms on Singles’ Day last year, dwarfing the $7.9 billion U.S. online sales for Cyber Monday. Yet the 27% sales growth was the lowest in the event’s 10-year history, spurring a search for fresh ideas.
The Chinese retail juggernaut, with a market value of $486 billion, kicked off this year’s 24-hour shopping fest with performances by American pop star Taylor Swift and local celebrities such as Jackson Yee.
It also comes at a crucial time for the company, which is looking to raise up to $15 billion via a share sale in Hong Kong this month.
Alibaba continues to dominate the online shopping industry, but not without competition.
(For a graphic on ‘A look at Alibaba’s “Double 11” shopping day’ click tmsnrt.rs/2WTFm7V)
Reporting by Josh Horwitz in Hangzhou; Additional reporting by Brenda Goh in Shanghai and Cheng Leng in Beijing; Editing by Himani Sarkar and Christopher Cushing