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
The Star Festive Promo: Get 35% OFF Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
