The post China's Biggest Shopping Event: What Is Singles Day? appeared first on InvestorPlace.
Available on Alibaba's main Tmall platform, the offer comes at a price of 11,111 yuan ($1,675) instead of the 99,999 yuan, the normal cost.
Topshop and Clarks were among the big winners a year ago when shoppers spent £13.5 billion - up from £11 billion in 2015. People often celebrate their independence by buying themselves gifts, and Alibaba has turned the holiday into a blowout extravaganza.
Hangzhou [China], November 11: It took only an hour for Chinese e-commerce company Alibaba to hit $10 billion in sales for Singles' Day, the company revealed.
That's absolutely massive and puts United States shopping holidays like Black Friday and Cyber Monday to shame.
Previous year the shopping holiday drove $18 billion worth of retail sales for participating sellers, a pop-up luxury hub, Double 11 Musée, will appear online and in the Tmall app for high-end brands.
To put that figure perspective, Alibaba made more transactions in first 15 minutes of Singles Day this year than it did during the entire first hour of the cybershopping event back in 2015. JD.com has also partnered with Walmart to help fill customer's orders, which could lead to an increase over last year's $60 million in sales for Single's Day, Squali said.
Shares of Alibaba were relatively unchanged as the Chinese Holiday started on Friday in the US.
But not just any Friday.