What Luxury Can Learn From China's Singles' Day [Forbes]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Forbes
A$AP ROCKY and Rihanna at the Moncler Genius event in Shanghai. Moncler dropped products from the event on their channels during Singles' Day. Courtesy Moncler Is China finally over the slump? This year's Singles' Day shopping extravaganza exceeded expectations, potentially offering a glimmer of hope for the fashion industry. Gone are the boom days when participating companies would celebrate with the publication of bumper sales and revenue data. But Singles' Day 2024 wasn't the washout that many had feared. All platforms reported growth and high consumer engagement and visitors during the country's biggest annual retail festival. Some e-commerce pre-sales events started as early as October 8, which boosted consumer fatigue and FOMO. However it was China's big tech that—again—won the day. Alibaba Group said that 45 brands delivered more than RMB 1 billion in GMV. One of these was Apple . 589 surpassed RMB 100 million in GMV compared to just 402 last year—a 46.5 increase. It
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