Chinese retailer Alibaba on Monday said sales for its annual Singles’ Day shopping blitz jumped 25% in the first nine hours to $23 billion, nearly two thirds of U.S. rival Amazon.com Inc’s online store sales in the latest quarter. Sales growth for the full 24-hour event, however, is likely to fall short of the year earlier, analysts said, at a time when China’s economic expansion heads toward a historic low. The event, a gauge of Chinese consumer sentiment, has also become a shop window this year for Alibaba Group Holding Ltd as the firm plans to …read more
Source:: Yahoo Finance
