Nike, Adidas Sold More Than $28 Mn on Alibaba’s Singles Day
The Alibaba said that its annual shopping extravaganza, Singles Day, generated $30.8 billion in gross merchandise volume (GMV), an increase of 27 percent over the prior year. And athletic major like Nike and Adidas were among the 230-plus brands that exceeded $14 million in GMV — joining Apple, Estée Lauder, L’oréal, Gap and other major brands. Mention may be made that Gross merchandise volume refers to the total value of merchandise sold on an e-commerce marketplace during a certain time period.
Meanwhile, athletic footwear maker New Balance also had cause to celebrate: Alibaba said it sold more than 60,000 pairs of its shoes during pre-sales.
“Today we witnessed the strength and rise of China’s consumption economy and consumers’ continued pursuit to upgrade their everyday lifestyles,” said Alibaba CEO Daniel Zhang. “Participation from the entire Alibaba ecosystem enabled our brand and merchant partners to engage with consumers like never before. Looking ahead, Alibaba will continue to lead the evolution towards the future digital economy and lifestyle.”
China’s Singles Day started 25 years ago as a social activity to help romantically unattached individuals celebrate — rather than resent — their status. But in 2009, Alibaba adopted the celebration as a commercial holiday, capitalizing on the Chinese saying, “If you can’t be with someone you like, you can at least be with something you like.”
This year, the mega-event — which brought in $7.8 million in GMV during its first fete — marked its 10th anniversary.
“On the back of China’s explosive digital transformation, the festival’s astounding growth over the past decade has powered the steady growth of quality consumption sought by Chinese shoppers,” Zhang said. “The evolution also showcases the development of the Alibaba ecosystem over time expanding well beyond e-commerce.”