Chinese etail giant Alibaba has sold more than twice the annual sales of British etail giant Asos - in one single day.
Alibaba Group Holdings, currently mulling an IPO that could include a London listing, said transactions on its websites yesterday broke sales records as consumers in the country celebrated 'Singles' Day'.
Sales hit last year's one-day record of 19.1 billion yuan (£2 billion) within 13 hours as discounts drove demand.
Singles' Day is the Chinese equivalent to St Valentine's Day and e-commerce firms, such as Alibaba's Taobao and Tmall, are marking the occasion by flooding the internet with offers and promotions.
Bloomberg said 20,000 Chinese and foreign merchants took part in the sales push including companies as well known as Gap. The news wire estimates online sales accounted for 6.3 per cent of retail spending in China last year compared to 4.3 per cent a year earlier.
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