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Alibaba Reveals Record-Breaking Singles Day Shopping Festival -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Alibaba Group Holdings Ltd (NYSE: said Thursday that it closed its 13th annual 11.11 shopping festival with a record-breaking RMB540.3 billion ($84.54 billion) in gross merchandise volume. 

Yang Guang (Vice President of Chinese tech company) stated that “We delivered consistent and quality growth which is a reflection the dynamic Chinese consumer economy.”

The company stated earlier in the day that approximately two-thirds (or more) of the festival’s 290,000.00 merchants were small or medium-sized enterprises. This is the highest percentage ever.

In addition, Apple and L’Oreal were reported to have sold RMB100 million ($15.6million) between November 1, and 11, respectively. There was also news that 380 other brands reached this milestone within the 10 days prior to “Singles Day”. 

Alibaba shares rose more than 2.7% on Thursday. They are currently valued at $168.40.

The Wall Street Journal reported earlier in the day that Alibaba was looking to make Singles Day worldwide, a move that could challenge Amazon.

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