Alibaba Group Holding Ltd. flexed its e-commerce muscle by logging a record 91.2 billion yuan ($14.3 billion) in sales during its Singles’ Day promotion, providing a bright spot for the company’s prospects amid concern about Chinese consumer spending.
The event, which generated a 60 percent sales increase from a year earlier, was part of Chairman Jack Ma’s strategy to transform Alibaba’s online marketplaces into platforms for international trade. A third of buyers made purchases from merchants and brands outside of China during the one-day promotional event. Ma has set a goal of getting 50 percent of the company’s revenue from beyond China.
