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Alibaba's $38-bn Singles' Day sales: Jack Ma not impressed, expected more

Launched in 2009, Singles' Day has become China's version of US online sale event Cyber Monday

Reuters  |  Shanghai 

The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China
The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China

Group Holding Inc co-founder said on Wednesday results from the Singles' Day annual online shopping festival had missed the Chinese e-commerce giant's expectations.

Launched in 2009, Singles' Day has become China's version of US online sale event Cyber Monday, which follows America's Thanksgiving holiday. Analysts monitor sales on Singles' Day to gauge consumer sentiment in China.

The Chinese shopping festival is held on Nov. 11 and is also referred to as Double Eleven because of the date.

"This year's Double Eleven did not meet the expectations I had imagined," he said at the 5th World Zhejiang Entrepreneurs Convention.

In a video circulated by Chinese media outlets, Ma said one reason for this was the warm weather. "As soon as the weather gets cold, apparel starts to sell a bit better," he said.

He also said the event fell on a Monday this year, discouraging people to shop at night before going to work.

"So we hope that for Double Eleven in the future the country will give everyone a half-day off," he said.

did not immediately respond to requests for comment.

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First Published: Wed, November 13 2019. 21:25 IST
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