China’s economy may be slowing but shoppers were out in droves for Singles Day, racking up $5bn of sales in the first 90 minutes on Alibaba, roughly double last year’s haul in the same period.
Singles Day is the biggest shopping frenzy in the global calender; the first 90 minutes at Chinese ecommerce group Alibaba netted nearly twice the entire take of last year’s Cyber Monday, itself a record.
The day will be critical for the Chinese ecommerce group, which went public in September 2014 in a $25bn initial public offering — the largest on record — but has since disappointed investors.
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