BUSINESS

Alibaba Breaks Record With Singles’ Day Sale

Alibaba, the Chinese multinational conglomerate holding company, specializing in e-commerce, retail, Internet, and technology hits the record book in yet another year of its Singles’ Day promotional shopping event.

Now, in its 11th year, sales for the company continue to boom more than ever before.

The world’s biggest online shopping event raked in more than $30.8 billion in sales in 16.5 hours of trading, surpassing last year’s all-time-high.

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 founder, Jack Ma.

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

Marcia Billings, Readers Bureau, Fellow

Edited by Jesus Chan

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