Alibaba’s Single Day sales have surpassed $74bn, which is nearly double the previous record.
Singles Day is an annual event taking place on November 11, or Double 11 created by online retail giant Alibaba. The intention is to celebrate single people in opposition to Valentine’s Day and since its inception, the event has grown to become the world’s largest shopping event with sales surpassing Black Friday and Cyber Monday combined.
Alibaba Group Executive Vice Chairman, Joe Tsai spoke in a livestreamed event, pointing out that ecommerce in China has grown 17 per cent year over year, and although there were doubts to the success of this year’s event, the astounding results are testament to the Chinese economy bouncing back to pre-pandemic levels.
Top brands included in this year’s sale include Adidas, Apple, Estee Lauder, L’Oreal, Lancome and Nike. Alibaba also found that 342 labels had achieved 100 million yuan or $15.1M with 13 of these surpassing 1 billion yuan or $150.8M.
