Alibaba’s Singles Day Shopping Event Sees Record Sales of Over $25 Billion
Alibaba Group’s Singles Day shopping event generated a record $25.3 billion in sales, as the Chinese company’s effort to link traditional retailers with the internet paid off.
Sales were up 39 percent from last year, defying concerns of an economic slowdown in China. Nike, electronics giant Xiaomi and Uniqlo emerged as some of the biggest winners in the event, which is also called Double 11.
To pump sales, the Chinese company also hosted a star-studded gala with film star Nicole Kidman and singer Pharrell Williams. Chief executive officer Daniel Zhang said the company wants to make the event more global, and is planning to take its gala overseas soon, without giving a time frame. This year, shoppers from at least 225 countries and regions swarmed the e-commerce giant to scoop up discounted lobster, iPhones and refrigerators.
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