Launched in 2009, Singles Day is the world’s largest shopping festival, dwarfing similar US events such as Black Friday and Cyber Monday in terms of sales.
Some 290,000 brands participated in 2022, it added, with merchants offering varying levels of discounts starting as early as late October. In April, regulators fined Alibaba $2.8 billion for anti-competitive practices, and Ma’s public presence has been noticeably diminished over the past two years.
Source: Financial Digest (financialdigest.net)
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