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Alibaba rakes in $30b for Singles Day. Now the bad news …
- Monday | 12th November, 2018
Singles’ Day, also called “Double 11” is the world’s biggest online sales event, outstripping the sales of US shopping holidays Black Friday and Cyber Monday combined. This year, the company surpassed last year’s full-day sales record of 168 billion yuan in just under sixteen hours. Analysts said the sales continue to be cannibalized by competing events, including the “618” festival spearheaded by Alibaba competitor JD.com in June. SHANGHAI (Reuters) – Chinese e-commerce giant Alibaba Group cashed a record 213.5 billion yuan ($30.70 billion) in sales on Sunday during its 24-hour online retail frenzy Singles’ Day, but the event’s annual growth dropped to its slowest-ever rate. “Today we reached 200 billion [yuan].
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