Monday, November 13, 2017
Alibaba's shopping holiday that's bigger than Black Friday and Cyber Monday combined just brought in $25 billion — this is what it looked like
Since its early days as a student event in the 1990s, November 11 was called "Singles' Day" in some parts of China, marking a day to celebrate people without partners.
Now, the Chinese e-commerce giant Alibaba has dubbed it "Double 11" — a term it has trademarked and transformed into the world's largest shopping event. During this year's Double 11, Alibaba sold $25.3 billion worth of merchandise.
Created in 2009 as an "anti-Valentine's Day," the "11-11 Global Shopping Festival" is now bigger than Black Friday and Cyber Monday combined.
Encompassing a live-broadcast gala, virtual games, and an interactive fashion show, the 24-hour event has become a global extravaganza during which the company sells everything from American sneakers to South Korean washing machines to Argentinian shrimp.
Here's how this year's event unfolded.
Get the latest Alibaba stock price here.