Retail

Singles’ Day not a reason to buy Alibaba, market history says

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China’s Singles’ Day, the world’s largest online shopping event, takes place next Monday, Nov. 11. Singles’ Day was started by e-commerce giant Alibaba a decade ago, and it’s become a sales phenomenon. In 2018 sales topped $30 billion, making it bigger than Black Friday and Cyber Monday combined.

Some analysts, however, believe sales growth expectations this year could be tempered. Alibaba counts roughly 130 million customers outside of China, and the trade war between the U.S. and China could hamper some of those international sales. Additionally, this will be the first Singles’ Day after the retirement of Jack Ma, Alibaba’s founder.

Alibaba shares were up over the first two days of this…



Source cnbc.com

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