Alibaba bags record per-day sale of $14.3 billion

WEB DESK: Alibaba Group Holding Ltd. logged a record $14.3 billion in sales on Singles’ Day, Bloomberg reported.

The top-selling items by retailers using Alibaba’s platform included baby-related and nutritional products, Nike sneakers and Levi’s jeans, the company said.

Transactions crossed last year’s record of $9.3 billion before midday in China, according to the company.

Chairman Jack Ma brought in more foreign brands and enlisted Hollywood celebrities like Daniel Craig and Kevin Spacey to add glamour to the shopathon.

“Chinese consumers have a lot of money in their hands,” said Chen Xingdong, chief China economist at BNP Paribas SA in Beijing. “Online retailers need to customize their products to serve these increasingly savvy urban consumers.”

Singles’ Day, a Chinese twist on Valentine’s Day, was invented by students in the 1990s, according to the Communist Party-owned People’s Daily.

Source: Bloomberg