China’s Alibaba sets new record : Clocks USD5bn in first 90 min on Singles’ Day

Nov 11, 2015 (LBO) – Alibaba, the world’s largest online shopping website has made a record 3.9 billion dollars in sales in the first hour of Singles’ Day in China, foreign media reports said.

Alibaba reported that shoppers spent about one billion US dollars in the first eight minutes and had clocked five billion after the first 90 minutes.

Singles’ Day is also known as “Double Eleven” because its held on 11 November and has grown tremendously since it was started by Alibaba in 2009, and now includes many retailers.

The event has become a major annual event for Chinese retailers and last year, Alibaba record 9.3 billion US dollars in total sales.

This is more than four times the 2.4 billion US dollars sold on Cyber Monday which falls on the first Monday after Thanksgiving in the  United States.

Over 40,000 merchants and 30,000 brands from 25 countries are selling goods on its platforms, the report said.