Chinese e-commerce giant Alibaba Group Holding Inc said on Monday that sales for its annual Singles’ Day shopping blitz hit 84 billion yuan ($12 billion) within the first hour, up 22% from last year’s early haul of 69 billion yuan. Akin to Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a shopping fest by Alibaba Chairman and CEO Daniel Zhang since 2009, growing rapidly to become the world’s biggest online sales event. Alibaba saw sales worth $30 billion on its platforms on Singles’ Day last year, dwarfing $7.9 billion U.S. online …read more
Source:: Yahoo Finance
