The logo of online shopping portal Alibaba.com is seen near its office in Hong Kong on February 22, 2012. The share price of Chinese online shopping portal Alibaba.com soared in Hong Kong after its parent company said it plans to take the company private for 2.3 billion USD. AFP PHOTO / AARON TAM (Photo credit should read aaron tam/AFP/Getty Images)
Alibaba Group has generated $84.5 billion in gross merchandise volume (GMV) from its annual 11:11 shopping event — an 8.5 percent increase from last year.
“Over the last 12 years, 11.11 has showcased the tremendous consumption power of Chinese consumers and pushed boundaries for the global retail sector,” said Chris Tung, Chief Marketing Officer of Alibaba Group.
“This year’s festival marks a new chapter for 11.11. We believe we must leverage the power of 11.11 to encourage sustainable development and promote inclusiveness to consumers, merchants, and partners across our ecosystem,” he said in a statement.
