How Alibaba Celebrated the Countdown to its Biggest Sales Day of the Year
Chinese ecommerce behemothic Alibaba Group Holding Ltd. started the admission to its anniversary arcade anniversary Singles' Day on Friday, able consumers -- and investors -- a bonanza of appearance shows, basic absoluteness and U.S. pop brilliant Katy Perry.
The one-day event, captivated annually on Nov. 11, sees billions of dollars of appurtenances awash via Alibaba's Tmall belvedere at abrupt discounts, and is a barometer for the firm's performance. Transactions aftermost year bankrupt accomplished $14 billion.
The celebration, launched seven years ago by Alibaba, has already eclipsed the accumulated sales of the agnate contest in the United States: Cyber Monday and Black Friday.
However, Alibaba's accounting practices for the accident came beneath analysis this year by the U.S. Securities and Exchange Commission (SEC). Some merchants accept questioned whether after-effects from the accident are absolutely as aerial as reported.
The firm, headed by billionaire agent Jack Ma, affairs to aggrandize Singles' Day sales globally this year, aperture up Hong Kong and Taiwan as the aboriginal markets alfresco China area consumers will be able to buy all-embracing articles via Tmall.
The plan is allotment of the firm's efforts to abate assurance on China, area it generates the aggregate of its revenue, and area abatement bread-and-butter advance threatens to apathetic Alibaba's earnings.
"Last year we brought abounding all-embracing brands to China for the aboriginal time," Alibaba Chief Executive Daniel Zhang told reporters in Hong Kong on Thursday.
"We are bringing them to consumers in Hong Kong and Taiwan for the aboriginal time this year, and abutting it will be Southeast Asia and the blow of the world," he said.
This year's accident would affection a achievement by Katy Perry, basic absoluteness shopping and a live-streamed appearance appearance in Shanghai acceptance admirers to pre-order items as they arise on the catwalk, the close said.
The sales are a key approach in active transaction volumes, area consumers can get bargain deals advanced of time, but the transaction alone goes through on the day itself.
(Reporting by Sijia Jiang in Hong Kong; Writing by Adam Jourdan; Editing by Clarence Fernandez)
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