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Slowest growth for Alibaba in three years

Chinese ecommerce giant Alibaba has reported its slowest sales growth in three years.

The company reported sales of 117.3bn yuan (£13.4bn) for the three months to 31 December 2018, up 41% on the 83bn yuan (£9.4bn) reported in the same period for the previous year.

However, this is the slowest quarter of growth seen by Alibaba in three years, and its sales have grown by more than 50% in each of the last 10 quarters.

Adjusted EBITA increased by 20% to 46.1bn yuan (£5.3bn).

Alibaba continues to invest in its new retail strategy, digitalising all aspects of its store-based retail operations.

The quarter includes the Singles Day shopping event, held on the 11 November, which this year smashed records selling 1bn yuan (£780m) worth of goods in less than wo minutes. The total number of sales on the day was up 27% compared with 2017.

Launched in 2009, Singles’ Day aims to raise awareness of online shopping to Chinese customers and is the largest global shopping event in the world.

The news comes after the group partnered with Hong-Kong based Fung Retailing’s retail arm in November to offer Chinese brands international support.

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