Sales growth at Alibaba’s Singles’ Day drops amid China’s crackdown on Big Tech companies

Nov 11, 2021 | INVESTING

The world’s biggest online shopping event recorded a slower pace of annual growth pace after Alibaba Group Holding swapped the usual razzamatazz of Singles’ Day for a more down-to-earth event that stressed sustainability.Alibaba recorded gross merchandise value (GMV) for this year’s Singles’ Day of 540.3 billion yuan (US$84.54 billion) during the 11-day campaign, marking 8.45 per cent year-on-year growth. This is the first single-digit GMV growth since Alibaba created Singles’ Day in 2009…

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