HANGZHOU, China: Chinese retailer Alibaba Group Holding Ltd's sales for its 24-hour Singles' Day shopping blitz hit a record $38.4 billion, more than U.S. rival Amazon.com Inc's haul last quarter from online store sales.
But sales growth for the annual shopping festival eased to 26%, the weakest since the event started in 2009, held back by a slowing e-commerce industry in China as the country's economic expansion heads toward a historic low.
Already a subscriber? Log in.
Subscribe to The Star Yearly Premium Plan for 30% off
Cancel anytime. Ad-free. Full access to Web and App.
Monthly Plan
RM 13.90/month
RM 9.73/month
Billed as RM 9.73 for the 1st month, RM 13.90 thereafter.
Best Value
Annual Plan
RM 12.39/month
RM 8.63/month
Billed as RM 103.60 for the 1st year, RM 148 thereafter.
