It only took seven minutes for sales during this year’s Singles’ Day in China to hit $1 billion, and peak order volume, during the first house, hit a record-breaking 175,000 orders per second.
The scale of the one-day shopping event, centered around Alibaba’s shopping platforms Tmall and Taobao, has been magnetic to fashion brands hoping to boost overall revenue and connect with the Asian consumer. (While it originated in China in 1999, it has since expanded to include Hong Kong, Taiwan and Macau as well.) Even though discounting products and participating in a day associated with frantic bargain shopping might oppose the ethos of luxury brands, Singles’ Day has simply become too big to resist.
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