China: Alibaba rakes in record $75 billion during Singles Day shopping event

The Chinese retail giant Alibaba racked up 498.2 billion yuan (roughly $75 billion; €63.7 billion) in sales during the Singles Day shopping event, also known as Double 11, which was extended to over an 11-day period to boost post-pandemic numbers. In Beijing on Thursday, a countdown revealed the total value or orders across all of Alibaba's shopping platforms, the total gross merchandise value (GMV), which represented a 26 percent increase compared to the same timeframe last year. Singles Day is a Chinese unofficial holiday and shopping event celebrating those without partners.
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