Monday, December 09, 2019, 09:50:11 AM

Alibaba Singles' Day sees $14bn sales in first hour

Business Desk | banglanews24.com
Update: 2019-11-11 12:51:02 PM
Alibaba Singles' Day sees $14bn sales in first hour
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Chinese e-commerce giant Alibaba delivered strong early sales as its annual Singles' Day shopping frenzy kicked off.

The world's biggest online shopping event raked in 100bn yuan ($14bn; £11bn) in sales in just over an hour of trading.

A gala featuring pop star Taylor Swift launched the 24-hour shopping blitz.

It marked Alibaba's first Singles' Day since the exit of its colourful founder Jack Ma.

He was replaced as executive chairman by Daniel Zhang earlier this year, after Mr Ma stepped down to focus on philanthropy and education.

Alibaba said sales reached $1bn in a little over one minute of trading on Singles' Day.

The total value of merchandise sold hit the 100bn-yuan mark around 40 minutes faster than last year, the firm said.

That put Alibaba on track to post a fresh sales record for the shopping event, beating last year's $30.8bn.

"Based upon that first hour... I would be really surprised to not see it come in above $32bn," said Daniel Newman, technology analyst at Futurum Research.

Source: bbc.com

BDST: 1250 HRS, NOV 11, 2019
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