Singles’ Day proves successful for Alibaba

Alibaba Group Holding logged a record 91.2 billion yuan — or $14.3 billion — in sales on Singles’ Day, turning a sweethearts holiday dreamed up two decades ago into a major online shopping event.

Transactions had passed last year’s record of $9.3 billion before midday in China, according to the company. The top-selling items by retailers using Alibaba’s platform included baby-related and nutritional products, Nike sneakers and Levi’s jeans, the company said.

Company chairman Jack Ma raised the stakes this year by moving the event’s headquarters to Beijing, bringing in more foreign brands and enlisting Hollywood celebrities Daniel Craig and Kevin Spacey to add glamour to the shopathon.

Bloomberg News

This story was originally published November 11, 2015 at 2:08 PM with the headline "Singles’ Day proves successful for Alibaba."