Chinese E-Commerce Giant Alibaba’s Singles’ Day Sales Hit $22 Billion In First Nine Hours

In just nine hours of its annual Singles’ Day shopping blitz, Chinese e-commerce giant Alibaba Group Holding Inc sold items worth 158.31 billion yuan ($22.63 billion), which is 25 per cent more than the last year, the company said, reports Times Of India.

On the lines of Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a shopping fest by Alibaba chairman and chief executive Daniel Zhang since 2009.

Since then it has grown rapidly to become the world’s biggest online sales event.

Also known as “Double Eleven”, the festival’s name originates from the calendar date 11 November, with the four ones of 11/11 signifying being single.

Alibaba market value is $486 billion, and the year’s 24-hour shopping fest has been promoted by American pop star Taylor Swift and local celebrities.

This year also marks for the first time Alibaba’s Singles’ Day will go ahead without its founder Jack Ma who resigned in September as chairman to “start a new life”.