HONG KONG chinese e-commerce giant Alibaba group retaining
Ltd (BABA.N) began the countdown to its annual buying festival Singles' Day on
Friday, promising purchasers - and traders - a bonanza of fashion shows,
virtual fact and U.S. pop famous person Katy Perry.
the one-day occasion, held yearly on Nov. 11, sees billions
of bucks of products bought thru Alibaba's Tmall platform at steep reductions,
and is a barometer for the company's performance. Transactions closing yr broke
beyond $14 billion.
The party, released seven years in the past via Alibaba, has
already eclipsed the blended sales of the equal activities inside the america:
Cyber Monday and Black Friday.
however, Alibaba's accounting practices for the event came
beneath scrutiny this 12 months through the U.S. Securities and trade fee
(SEC). a few traders have wondered whether results from the event are
definitely as excessive as suggested.
The firm, headed by billionaire businessman Jack Ma, plans
to expand Singles' Day income globally this year, commencing up Hong Kong and
Taiwan because the first markets outdoor China wherein consumers can be able to
shop for global merchandise via Tmall.
The plan is part of the company's efforts to reduce reliance
on China, where it generates the bulk of its sales, and wherein flagging
economic growth threatens to slow Alibaba's earnings.
"final yr we added many global brands to China for the
first time," Alibaba leader executive Daniel Zhang informed journalists in
Hong Kong on Thursday.
"we're bringing them to consumers in Hong Kong and
Taiwan for the primary time this 12 months, and subsequent it will be Southeast
Asia and the relaxation of the sector," he stated.
This yr's occasion might function a performance by means of
Katy Perry, digital fact shopping, and a live-streamed style display in
Shanghai allowing visitors to pre-order gadgets as they seem at the catwalk,
the firm stated.
The income are a key channel in riding transaction volumes,
in which customers can get cut-price deals beforehand of time, however the
transaction only is going through at the day itself.
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