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Alibaba Singles' Day posts record 168b yuan in sales
Annual frenzy sees 39% increase; exceeds Citigroup estimates and defies fears of economic slowdown
Add BT as a preferred sourcePublished Sun, Nov 12, 2017 · 09:50 PM
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Hong Kong
ALIBABA Group Holding Ltd's Singles' Day shopping bonanza generated a record 168.2 billion yuan (S$34.5 billion) in sales, as the company's investment overseas and effort to link traditional retailers with the Internet paid off.
The annual frenzy posted a 39 per cent increase in sales, exceeding Citigroup Inc estimates and defying concerns of an economic slowdown. The event helped at least 82 brands top 100 million yuan in sales - Nike Inc, Xiaomi Corp and Uniqlo Co coming out as some of the biggest winners.
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