Alibaba Singles' Day Draws Record Sales Amid Economic Concerns
- Sales surged 60 percent though stock failed to get bounce
- Jack Ma says China's economy will be strong for next 15 years
GUANGZHOU, Nov. 11, 2015 -- Workers sort out packages at a sorting center in Guangzhou, capital of south China's Guangdong Province, Nov. 11, 2015. The Singles' Day Shopping Spree, or Double-11 Shopping Spree, Chinese equivalent of Cyber Monday or Black Friday, is an annual online shopping spree falling on Nov. 11 for Chinese consumers since 2009. Each year the express delivery industry will face package peak after the shopping spree. (Xinhua/Liang Xu via Getty Images)
Photographer: Xinhua News Agency/Xinhua News Agency/Getty ImagesAlibaba Group Holding Ltd. flexed its e-commerce muscle by logging a record 91.2 billion yuan ($14.3 billion) in sales during its Singles’ Day promotion, providing a bright spot for the company’s prospects amid concern about Chinese consumer spending.
The event, which generated a 60 percent sales increase from a year earlier, was part of Chairman Jack Ma’s strategy to transform Alibaba’s online marketplaces into platforms for international trade. A third of buyers made purchases from merchants and brands outside of China during the one-day promotional event. Ma has set a goal of getting 50 percent of the company’s revenue from beyond China.