This is Alibaba billionaire Jack Ma’s going away present; his last 11/11. Sunday’s Singles Day in China, the Superbowl of retail, complete with the equivalent of non-stop halftime shows, is expected to break another record tomorrow. Jack Ma will retire from the company he created and the online shopping spree he inspired in grand style.
“I think it’ll be another record breaker,” says Brendan Ahern, chief investment officer for KraneShares. He thinks Singles Day sales will beat last year’s $25.3 billion record-breaker and hit $30 billion. “The hype and hoopla around this event gets bigger every year and the company wants Jack to retire in a big way.”
Last year’s shopaholic spree, first set up for singles as a Valentines Day for themselves, sold $1 billion worth of goods online…in two minutes. The company sold over $25.3 billion worth of goods online last year.
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Singles Day Shopaholics Ready To Give Chinese Billionaire Jack Ma’s Alibaba Another $30 Billion