Alibaba keeps Singles Day sales tally under wraps for first time / Photo: STR - AFP
-
Ireland centre Henshaw signs IRFU contract extension
-
Bangladesh launches $5bn graft probe into Hasina's family
-
US probes China chip industry on 'anticompetitive' concerns
-
Biden commutes sentences for 37 of 40 federal death row inmates
-
Clock ticks down on France government nomination
-
Mozambique on edge as judges rule on disputed election
-
Mobile cinema brings Tunisians big screen experience
-
Honda and Nissan to launch merger talks
-
Police arrest suspect who set woman on fire in New York subway
-
China vows 'cooperation' over ship linked to severed Baltic Sea cables
-
Australian tennis star Purcell provisionally suspended for doping
-
Luxury Western goods line Russian stores, three years into sanctions
-
Wallace and Gromit return with comic warning about AI dystopia
-
Philippine military says will acquire US Typhon missile system
-
Afghan bread, the humble centrepiece of every meal
-
Honda and Nissan expected to begin merger talks
-
'Draconian' Vietnam internet law heightens free speech fears
-
Israeli women mobilise against ultra-Orthodox military exemptions
-
Asian markets track Wall St rally as US inflation eases rate worries
-
Tens of thousands protest in Serbian capital over fatal train station accident
-
Trump vows to 'stop transgender lunacy' as a top priority
-
'Who's next?': Misinformation and online threats after US CEO slaying
-
Only 12 trucks delivered food, water in North Gaza Governorate since October: Oxfam
-
Langers edge Tiger and son Charlie in PNC Championship playoff
-
Explosive batsman Jacobs gets New Zealand call-up for Sri Lanka series
-
Holders PSG edge through on penalties in French Cup
-
Daniels throw five TDs as Commanders down Eagles
-
Atalanta fight back to take top spot in Serie A, Roma hit five
-
Mancini admits regrets over leaving Italy for Saudi Arabia
-
Run machine Ayub shines as Pakistan sweep South Africa
-
Slovak PM Fico on surprise visit to Kremlin
-
'Incredible' Liverpool must stay focused: Slot
-
Maresca 'absolutely happy' as title-chasing Chelsea drop points in Everton draw
-
Salah happy wherever career ends after inspiring Liverpool rout
-
Three and easy as Dortmund move into Bundesliga top six
-
Liverpool hit Spurs for six, Man Utd embarrassed by Bournemouth
-
Netanyahu vows to act with 'force, determination' against Yemen's Huthis
-
Ali hat-trick helps champions Ahly crush Belouizdad
-
Salah stars as rampant Liverpool hit Spurs for six
-
Syria's new leader says all weapons to come under 'state control'
-
'Sonic 3' zips to top of N.America box office
-
Rome's Trevi Fountain reopens to limited crowds
-
Mbappe strikes as Real Madrid down Sevilla
-
Pope again condemns 'cruelty' of Israeli strikes on Gaza
-
Lonely this Christmas: Vendee skippers in low-key celebrations on high seas
-
Troubled Man Utd humiliated by Bournemouth
-
2 US pilots shot down over Red Sea in 'friendly fire' incident: military
-
Man Utd embarrassed by Bournemouth, Chelsea held at Everton
-
France awaits fourth government of the year
-
Death toll in Brazil bus crash rises to 41
NYSE - LSE
Alibaba keeps Singles Day sales tally under wraps for first time
Chinese e-commerce giant Alibaba has not released full sales figures for its annual Singles Day event for the first time ever, as a cooling economy dampened demand.
Launched in 2009, Singles Day is the world's largest shopping festival, dwarfing similar US events such as Black Friday and Cyber Monday in terms of sales.
Alibaba's sales last year hit 540.3 billion yuan ($76.1 billion), and many were watching to see if the company and other retailers taking part could combine for a record one trillion yuan in sales.
In a statement Saturday, Alibaba said results for this year's event were "in line with last year's... despite macro challenges and Covid-related impact," without offering details.
Some 290,000 brands participated in 2022, it added, with merchants offering varying levels of discounts starting as early as late October.
Research firm Syntun a day earlier estimated that platforms including Alibaba and JD.com had reached a combined 262 billion yuan between 8:00 pm Thursday and 2:00 pm (0600 GMT) Friday.
Once a festival of frenzied consumption led by Alibaba's effervescent founder Jack Ma, Singles Day has been more muted in recent years amid a Beijing crackdown on online platforms and waning state media coverage.
In April, regulators fined Alibaba $2.8 billion for anti-competitive practices, and Ma's public presence has been noticeably diminished over the past two years.
"In terms of communications from the platform companies around the festival, there’s been a shift away from celebrating excessive consumption and emphasizing gross merchandise value (GMV)," Jacob Cooke, CEO of e-commerce consultancy WPIC Marketing + Technologies said.
"The shift has been going on for a few years now, and that's related to common prosperity, the anti-monopoly drive," he added, referring to President Xi Jinping's ongoing drive to curb the influence of big tech.
Consumers are also tightening their belts as Beijing persists with a zero-Covid strategy that has led to widespread pay cuts and disrupted supply chains.
Conceived by Alibaba, the event's title riffs on a tongue-in-cheek celebration of singlehood inspired by the four ones -- "11/11" -- that denote its date of November 11.
Alibaba is scheduled to report its earnings to stakeholders next week.
M.A.Vaz--PC
