Alibaba Group Holding Ltd.’s Singles’ Day shopping festival posted record sales of 540.3 billion yuan ($84.5 billion), an 8.5 percent increase over last year
The growth was down from the 26 percent increase last year and marked the slowest pace for the event in its 13-year history.
The two-week shopping blitz brought together at least 900 million Chinese consumers and 290,000 brands, according to a statement from Alibaba.
Alibaba said a record number of designer brands participated this year. More than 200 brands took part via Tmall Luxury Pavilion, Alibaba’s platform for high-end brands, including Yves Saint Laurent, Max Mara, Thom Browne, and Van Cleef & Arpels for the first time.
“The pandemic has brought unprecedented challenges to brands and retailers but also accelerated their digital transformation, as exemplified in brands’ consumer engagement strategies during this year’s 11.11,” said Alibaba Group President Michael Evans. “The e-commerce environment continues to be very vibrant. China remains an incredibly important market for brands to find growth today but also for growth in the future,” Evans continued.
Photo courtesy Reuters
