Alibaba’s Singles’ Day Sales Hit Record US$38b

China’s retail giant Alibaba Group Holding Ltd has recently broken its Singles’ Day sales record, hitting $38.4 billion in sales. This is more than Inc’s online store sales from the last quarter. These figures could be a showcase for Alibaba’s plans to sell $15 billion worth of shares to Hong Kong this month. This spike in revenue benefited the shareholders of Alibaba as its stock grew around 6% during this period.

Despite this, sales growth for the annual shopping event were the weakest since 2009, when the event was first started. This year, held back by China’s dwindling e-commerce industry, the sales growth eased down to 26%, as the country’s economic expansion heads towards a historic low.

Singles’ Day, an informal Chinese celebration, was turned into a shopping extravaganza by Alibaba in 2009. Since then it has been replicated locally ( Inc, Pinduoduo Inc) and abroad (11thStreet, Qoo10, Shopee) and has overtaken U.S.’s Cyber Monday sales to became the world’s biggest online sales fest. The event name, known as 11/11 or Double Eleven, is a play on the date, November 11.

Alibaba stated the event’s gross merchandise volume (GMV) came in at 268.4 billion yuan, or $38.4 billion. This is a 26% increase from 2018, which in turn increased 27% from 2017. 84 brands, including L’oreal, Apple, and Uniqlo were reported to have made over 100 million yuan in sales within the first hour. sales-hit-record-us38b-growth-slows