SHANGHAI (Reuters) – Alibaba Group (BABA.N) will kick off its annual 24-hour shopping extravaganza on Monday with deals and deep discounts galore, and a performance by American popstar Taylor Swift to top it all, as it pushes to rake in another record Singles’ Day sales.
This year’s Nov. 11 bash comes as the $486 billion Chinese retail juggernaut navigates through a major turning point, the resignation in September of its flamboyant co-founder Jack Ma as chairman, and looks to raise up to $15 billion via a share sale in Hong Kong as early as this month.
Akin to Black Friday and Cyber Monday in the United States, Singles’ Day, a shopping fest originally promoted by Alibaba Chairman and CEO Daniel Zhang in 2009, has since grown rapidly to become the world’s biggest online sales event.
Alibaba saw sales worth $30 billion on its platforms on Singles’ Day last year, dwarfing $7.9 billion U.S. online sales for Cyber Monday. Yet, the 27% sales growth was the lowest in the…
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