Alibaba Group Holding Limited (NYSE: BABA) today kicked off the 2018 11.11 Global Shopping Festival at midnight in China. Early highlights of this year’s festival included:
- US$10 billion (RMB69.3 billion) of total GMV was settled through Alipay in 1 hour and 48 seconds
- US$1 billion (RMB6.9 billion) of total GMV was settled through Alipay in the first 1 minute and 25 seconds
- Participation from more than 180,000 brands
In the hours leading up to the shopping event, Alibaba’s video streaming platform Youku hosted the fourth annual countdown gala to celebrate the official launch of the festival. Viewers were able to experience the gala live via Youku, as well as across China on two major Chinese TV stations. This year, the gala featured international celebrity appearances and performances from Miranda Kerr, Mariah Carey and Cirque du Soleil.
About the 11.11 Global Shopping Festival
The 11.11 shopping festival began in 2009 with participation from just 27 merchants as an event for merchants and consumers to raise awareness of the value in online shopping. Last year, over 140,000 brands and merchants participated in the global shopping event, with consumers spending RMB168.2 billion during the 24-hour period.
- READ MORE: Alibaba generated $30.8 billion on 11.11 Global Shopping Festival and records 27% Increase
About Alibaba Group
Alibaba Group’s mission is to make it easy to do business anywhere and the company aims to achieve sustainable growth for 102 years. For fiscal year ended March 2018, the company reported revenues of US$39.9 billion.
GMV for the 11.11 Global Shopping Festival is the total value of orders settled through Alipay on Alibaba’s China retail marketplaces, Lazada and AliExpress within a 24-hour period on November 11. It is reported on a real-time basis and includes shipping charges paid (where applicable).