The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BEIJING, China — JD.com , China's e-commerce behemoth, said on Sunday that sales for Singles' Day — and its run-up — reached 127.1 billion yuan ($19.1 billion), up 50 percent from a year ago.
Sales included 11 days of transactions, JD said in a statement, unlike its rival Alibaba, which reported on Saturday that its one-day sales reached 168.3 billion yuan ($25.35 billion), up 39 percent from last year.
Singles' Day, an annual 24-hour buying frenzy that takes place in China on November 11, has emerged as the world's biggest shopping event. It exceeds the combined sales for Black Friday and Cyber Monday in the United States.
JD started its sales event on November 1, to reduce delivery bottlenecks and to give users more time to make their purchasing decisions, it said.
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Fresh foods and cosmetics were some of the online retailer's biggest movers, with JD selling 500,000 Thailand black tiger shrimp and 55 million facial masks over the period.
The company also said it sold 500 million yuan ($75 million) in air conditioners over a 30-minute period, and 100 million yuan ($15 million) in televisions over a one-minute period.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.