Alibaba's singles day again sets sales records 10 years later

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After launching its annual shopping festival at midnight Saturday night, Alibaba said it has already surpassed the overall business figure of 168.2 billion yuan ($ 24.2 billion) last year. before 4 pm The e-commerce giant is on track to once again beat its record breaking record.

The launch of the event, which featured singer Mariah Carey, Australian supermodel Miranda Kerr and Cirque du Soleil, was broadcast live from Shanghai on two TV channels and the Youku video streaming platform. .

Singles' Day has quickly grown to become the biggest shopping day of the year, more than the sales generated on Black Friday and Cyber ​​Monday combined. But this year's event takes place in a context that includes a trade war with the United States, something that billionaire founder Jack Ma recently called "the dumbest thing in the world." Alibaba, which started in 1999 as a platform to connect buyers around the world with Chinese suppliers, benefits from the flow of goods across borders.

As part of the company's efforts to establish a presence in Southeast Asia, Alibaba subsidiary Lazada launches its Singles Day promotions for the first time in Singapore, Malaysia, Thailand, Indonesia , the Philippines and Vietnam.

Singles Day, which takes its name from November 11, is an informal holiday that began as an anti-Valentine's Day. China's single young adults celebrated their lack of romantic attachment by splurging on gifts.

Alibaba co-opted the event in 2009 at the request of Daniel Zhang, current CEO of the company, who will replace Ma as executive chairman of the board of directors next year. Taobao Mall has launched this first day of singles by offering discounts of at least 50% as well as free shipping in China. Alibaba said it made sales of 52 million yuan during the first 24-hour period on November 11, compared with a daily average of 8 million yuan at the time.

Ma, who currently ranks among China's richest personalities with an estimated net worth of $ 34.4 billion, has been at the helm of the technology giant since he co-founded it with 17 other people in the coastal city of Hangzhou. The former English professor said in September that he would leave his post next year.

"Starting the process of transmitting the Alibaba torch to Daniel and his team is the right decision at the right time, because I know by working with them that they are ready," Ma wrote in a letter to employees, to customers and to investors from Alibaba. "I have full confidence in our next generation of leaders."

Zhang is the successful architect of Alibaba Singles Day over the last 10 years. He has also been credited with a new retail initiative aimed at merging online shopping with physical stores through his Hema grocery chain.

Alibaba's succession plan will allow Zhang to take control of what has become the country's largest Internet company, with a market capitalization of nearly $ 375.5 billion, while fighting the trade war abroad, combined with the slowing economy and increasing competition from JD.com and Pinduoduo at home. market.

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After launching its annual shopping festival at midnight Saturday night, Alibaba said it has already surpassed the overall business figure of 168.2 billion yuan ($ 24.2 billion) last year. before 4 pm The e-commerce giant is on track to once again beat its record breaking record.

The launch of the event, which featured singer Mariah Carey, Australian supermodel Miranda Kerr and Cirque du Soleil, was broadcast live from Shanghai on two TV channels and the Youku video streaming platform. .

Singles' Day has quickly grown to become the biggest shopping day of the year, more than the sales generated on Black Friday and Cyber ​​Monday combined. But this year's event takes place in a context that includes a trade war with the United States, something that billionaire founder Jack Ma recently called "the dumbest thing in the world." Alibaba, which started in 1999 as a platform to connect buyers around the world with Chinese suppliers, benefits from the flow of goods across borders.

As part of the company's efforts to establish a presence in Southeast Asia, Alibaba subsidiary Lazada launches its Singles Day promotions for the first time in Singapore, Malaysia, Thailand, Indonesia , the Philippines and Vietnam.

Singles Day, which takes its name from November 11, is an informal holiday that began as an anti-Valentine's Day. China's single young adults celebrated their lack of romantic attachment by splurging on gifts.

Alibaba co-opted the event in 2009 at the request of Daniel Zhang, current CEO of the company, who will replace Ma as executive chairman of the board of directors next year. Taobao Mall has launched this first day of singles by offering discounts of at least 50% as well as free shipping in China. Alibaba said it made sales of 52 million yuan during the first 24-hour period on November 11, compared with a daily average of 8 million yuan at the time.

Ma, who currently ranks among China's richest personalities with an estimated net worth of $ 34.4 billion, has been at the helm of the technology giant since he co-founded it with 17 other people in the coastal city of Hangzhou. The former English professor said in September that he would leave his post next year.

"Starting the process of transmitting the Alibaba torch to Daniel and his team is the right decision at the right time, because I know by working with them that they are ready," Ma wrote in a letter to employees, to customers and to investors from Alibaba. "I have full confidence in our next generation of leaders."

Zhang is the successful architect of Alibaba Singles Day over the last 10 years. He has also been credited with a new retail initiative aimed at merging online shopping with physical stores through his Hema grocery chain.

Alibaba's succession plan will allow Zhang to take control of what has become the country's largest Internet company, with a market capitalization of nearly $ 375.5 billion, while fighting the trade war abroad, combined with the slowing economy and increasing competition from JD.com and Pinduoduo at home. market.