Chinese e-commerce giant Alibaba Group Holding Inc’s sales for its annual Singles’ Day shopping blitz hit 91.2 billion yuan ($13 billion) within the first hour, up 32% from last year’s early haul of 69 billion yuan. Akin to Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009.
Also known as “Double Eleven”, the festival’s name originates from the calendar date 11/11, with the four ones referencing being single.
Source: Express Tribune
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