Alibaba Singles’ Day Broke Last Year’s Record, 11 Hours Before End
Alibaba's Singles' Day shopping bonanza has broke last year's all time high of $18.2 billion by 1:09 PM in Beijing with hours to go before the final bell.
The annual frenzy had already hit $8.6 billion in sales in the first hour after starting at midnight, and by 8 a.m. some 82 brands had topped 100 million yuan in sales including New Balance, Samsung and Shiseido, according to Alizila, a blog run by the company. More than 90 percent of transactions were done via mobile.
Shoppers from at least 192 countries and regions swarmed the e-commerce giant to scoop up discounted lobster, iPhones and refrigerators, at a rate of as many as 256,000 transactions per second. The Chinese company hosted a star-studded gala with tennis star Maria Sharapova and American rapper Pharrell Williams to pum...