Alibaba keeps Singles Day sales tally under wraps for first time / Photo: STR - AFP
-
Bayeux Tapestry begins epic journey from France to London: source
-
Dubai Police Unveil Next Generation of ‘Ghiath’ Smart Patrols Powered by BYD
-
King in shades braves heat to visit London zoo
-
Djokovic faces Sinner showdown, Fery eyes Wimbledon final
-
Gauff expecting hate messages after Wimbledon loss
-
Noskova books all-Czech Wimbledon final clash with Muchova
-
US star Pulisic fractured leg in Belgium loss: team
-
England's Quansah handed two-game World Cup ban
-
Pogacar, like Jordan, Bolt or Djokovic?
-
UK sets record for number of days over 34C
-
Ex-Puma Urdapilleta shuns retirement to play on at 40
-
Haaland relishing 'special' World Cup showdown with England
-
Keep me away from the pool, Kipyegon tells triathlete Beaugrand
-
FIFA lashes 'unfounded allegations' after Argentina-Egypt clash
-
Nerves high in Kyiv as Russia escalates missile attacks
-
'Only revenge': Iran mourners defiant at Khamenei burial
-
Stars pay tribute to 'Total Eclipse' singer Bonnie Tyler, who has died at 75
-
Pogacar reclaims Tour de France yellow jersey with stage six win
-
'I'm ready to roll' - hungry Duplantis still motivated
-
US existing home sales dip in June as cost worries persist
-
Muchova beats Gauff in thriller to reach first Wimbledon final
-
Russia subjecting 1.6 million Ukrainian children to military brainwashing: OSCE report
-
One revolver, six bullets: Turkish president's 'unusual' gift to NATO leaders
-
Strengthening El Nino likely to 'rank among largest' on record: US agency
-
Kicking off: New York football enthusiasts defy pitch shortage
-
Jorge Jesus to take over as Portugal coach after World Cup exit
-
Fendi shows haute couture in Rome with nod to Lagerfeld
-
Ebola outbreak is 'fastest growing ever' as 600 die
-
Olympic sprint champs Alfred, Thomas bid for work-life balance
-
Stocks shrug off tensions to rise on renewed tech interest
-
How NATO leaders reacted to Erdogan's revolver gift
-
Hong Kong welcomes dogs into restaurants, to pet owners' delight
-
Union warns of 'conflict' as Volkswagen eyes mass job cuts
-
England recall Slade for Fiji as pressure mounts on Borthwick
-
Chemical weapons watchdog reinstates Syria
-
Lock Petti to become latest Argentina centurion in Nations Championship Test
-
Cocoa lynchpin sees chocolate lovers make hesitant return
-
EU parliament greenlights digital euro
-
French yachtswoman set to break new barriers in Route du Rhum
-
Two thirds of EU faced harmful ozone levels during heatwave: report
-
Markets steady tracking US-Iran flare-up
-
Russia to take on World Athletics at CAS over ban
-
Italy expels two Russian diplomats accused of spying: minister
-
600 dead in DR Congo Ebola outbreak
-
German exports rise despite Iran war headwinds
-
'Total Eclipse' singer Bonnie Tyler, queen of the 80s power ballad, dies at 75
-
Thousands attend funeral for Afghan cricketer Shapoor Zadran
-
Myanmar names Norwegian Andersen as head of national team
-
Crude pares steep gains as traders take stock after US-Iran flare-up
-
Russell back as Scotland tackle world champions South Africa
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.
R.Lee--AT
