Alibaba breaks sales record on Singles Day
Updated: 2016-11-11 11:12
Jack Ma, Alibaba's founder and chairman, takes a photo of a giant screen showing sales data at a media center in Shenzhen, Guangdong province, Nov 11, 2016. [Photo/VCG]
China's largest e-commerce group, Alibaba, set a new record today for Singles Day revenue, with 10 billion yuan ($1.47 billion) in sales in only 6 minutes, 58 seconds. Last year, it took more than 12 minutes to reach that sales figure.
New York-based consulting firm Fung Global Retail & Technology said Alibaba is expected to make $20 billion in online sales during this year's shopping frenzy, up 40 percent year-on-year.