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Alibaba sales hit £30bn this Singles' Day

Chinese retailer Alibaba Group generated RMB268.4bn (£29.8bn) in sales during yesterday’s Singles’ Day shopping extravaganza.

This is up 26% year on year, and 15 brands surpassed RMB1bn (£111m) in sales, including Gap, H&M, Levi’s, Nike, The North Face, Under Armour and Uniqlo. A further 284 brands surpassed RMB100m (£11.1m).

The group said sales hit RMB7bn (£779m) in the first minute and eight seconds RMB84bn (£932.4m) in the first hour.

More than 200,000 brands participated in the 2019 annual 24-hour event, which launched in 2009 with 27 merchants in hope of raising awareness about the value of online shopping.

Alibaba claimed that 1 million new products were launched yesterday.

Fan Jiang, president of Taobao and Tmall, said: “Today [Alibaba] showed the world what the future of consumption looks like for brands and consumers.

“We are meeting the growing demand of Chinese consumers and helping them upgrade their lifestyles, while introducing new users to our digital economy from across China and around the world.”

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