×
54
Fashion Jobs
SHISEIDO
Travel Retail - Area Sales Manager, Korea
Permanent · Singapore
SHISEIDO
Asia Pacific - Regional Legal Manager
Permanent · Singapore
SHISEIDO
Singapore - Business Controlling Manager
Permanent · Singapore
SHISEIDO
Asia Pacific - Regional Business Solutions Manager
Permanent · Singapore
SHISEIDO
Asia - Regional Marketing Executive, Acpc
Permanent · Singapore
SHISEIDO
Singapore - CRM Manager
Permanent · Singapore
SHISEIDO
Asia Pacific - Regional Commercial Logistics Manager
Permanent · Singapore
LEVI'S
Assistant Marketing Manager
Permanent · Singapore
LEVI'S
B2B Ecommerce Coordinator
Permanent · Singapore
SHISEIDO
Travel Retail - Brand Manager, Nars
Permanent · Singapore
SHISEIDO
Asia Pacific - Regional Hris And Operations Manager
Permanent · Singapore
LEVI'S
CRM & Loyalty Manager, Eap
Permanent · Singapore
SHISEIDO
Travel Retail - Marketing Senior Executive, Fragrance
Permanent · Singapore
SHISEIDO
Singapore - E-Commerce Assistant Manager
Permanent · Singapore
SHISEIDO
Singapore - Master Data Management Executive
Permanent · Singapore
SHISEIDO
Travel Retail - Store Design & Visual Merchandising Operations Senior Executive / Assistant Manager
Permanent · Singapore
SHISEIDO
Travel Retail - Brand Assistant Manager, Prestige
Permanent · Singapore
SHISEIDO
Travel Retail - Logistics Executive
Permanent · Singapore
SHISEIDO
Asia Pacific - Commercial Logistics Executive
Permanent · Singapore
SHISEIDO
Executive Assistant
Permanent · Singapore
SHISEIDO
Travel Retail - Retail Education Assistant Manager, Shiseido & Elixir
Permanent · Singapore
SHISEIDO
Asia Pacific - Learning And Organisation Development Executive
Permanent · Singapore
By
AFP
Published
Nov 12, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Alibaba, JD enjoy record Singles Day despite tech crackdown

By
AFP
Published
Nov 12, 2021

Chinese ecommerce titan Alibaba enjoyed record sales during its Singles Day shopping extravaganza, giving a much-needed boost to the firm after a torrid year in which it became the symbol of a government crackdown that hammered the country's tech sector.


AFP



The firm said 540.3 billion yuan ($84.5 billion) was spent as China's army of consumers went on a splurge, despite a much lower-key sales campaign following pressure from the government to tone down the aggressive promotions and rampant consumerism.

Combined sales with industry rival JD.com came in at 889 billion yuan ($139.4 billion) -- equivalent to the GDP of many countries -- which was also a record and up about a fifth from last year.

Both Alibaba and JD.com reported strong sales of items such as electric appliances, electronics, pet supplies, and cosmetics and other personal-care goods.

JD.com share rose more than four percent in Hong Kong on Friday, though Alibaba was down more than one percent.

"Single's Day" -- so-called for the 11.11 date -- began more than a decade ago and for years was a one-day, 24-hour event on November 11.

But industry players expanded it recently into an extended promotion from November 1-11, with many retailers and platforms offering discounts and pre-sales even earlier.

The shopping fest now dwarfs the US "Black Friday" spree and has become a barometer of consumer sentiment in the world's second-largest economy.

Concerned that Big Tech was becoming too powerful and abusing its market dominance, the government has this year dramatically tightened regulation.

The campaign has rattled investors, slicing billions of dollars off the market capitalisation of Alibaba -- which has seen its share price plunge about 30 percent this year-- as well as JD, Tencent and other major players.

In e-commerce, the government has taken specific aim at alleged abuse of user data and monopolistic business practices by platforms, such as banning merchants from selling their products on rival sites.

But the steadily rising consumer sales are also likely to be quietly welcomed by the government, which is moving to create a more modern consumer-driven economy, lessening the traditional reliance on manufacturing, exports and government investment.

 

Copyright © 2022 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.