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Jack Ma Heads Toward Retirement With Singles' Day Record
- Event is last before Alibaba chairman hands role to CEO
- Strong sales come despite slowing economy, trade tensions
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As Jack Ma prepares to step down as chairman of Alibaba Group Holding Ltd., he does so after the online sales promotion he has championed for a decade notched another record.
In its 10th iteration, the annual Singles’ Day event on Nov. 11 notched 213.5 billion yuan ($30.7 billion) in merchandise sales, an increase of 27 percent, according to a tally posted at the event’s media center in Shanghai. The final number compares with 39 percent growth last year.