Home Adidas sales Alibaba 11.11 Singles Day 2021 Sales total $ 84.5 billion – Footwear News

Alibaba 11.11 Singles Day 2021 Sales total $ 84.5 billion – Footwear News

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Alibaba’s annual Singles Day extravaganza, also known as 11.11 Global Shopping Festival, officially ended and reached a new high, grossing $ 84.54 billion in gross merchandise volume on a two-week period, despite economic headwinds in the country. For comparison, in 2020, the mainstream event generated $ 74.1 billion.

Alibaba reported that at least 900 million Chinese consumers attended the shopping event, which featured a record 290,000 brands.

The merchandise offering covered a range of categories, including high end and designer fashion. Janet Wang, head of Alibaba’s luxury Tmall division, revealed last month that more than 200 luxury and designer brands will be attending the 11.11 event, including Chanel, Balenciaga, Gucci, Prada, Coach, Bottega Veneta and Christian Louboutin – and Hermes and Saint Laurent joined for the first time.

Singles Day was also a revenue driver for JD.com, which recorded sales of 311.4 billion yuan (or $ 48.6 billion), even before its sales event officially closed. This far exceeds its total of 271.5 billion yuan in 2020.

The Singles Day event comes at a time when economic growth in China has slowed and consumer activity has fallen. In its third quarter earnings report released yesterday, Adidas noted that pandemic lockdowns and supply chain issues in China have resulted in a reduction in overall revenue growth of around $ 600 million. euros this quarter. And sales in the country were down 15% in the quarter.

Ahead of the 11.11 launch, Alibaba’s management focused on sustainability and philanthropy, as well as revenue opportunities. “11.11 is about how best to harness Alibaba’s latest technologies to help brands and merchants generate sustainable and inclusive growth more effectively,” Chris Tung, chief marketing officer, said in a statement.

“At the start of 11.11, we focused on growth, the same way parents would focus on a child’s size and strength. But when a child becomes a teenager, parents focus more on developing the child’s sense of responsibility: the role he or she plays in society. This is what we are doing now, ”he added.

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