Alibaba Generates US$2 Bln In GMV In 1st Hour Of 11.11 Shopping Festival

(RTTNews) - Alibaba Group Holding Ltd. (BABA) said Monday that US$2 billion was settled through Alipay on the company's China and international retail marketplaces within the first hour and 12 seconds of its 11.11 shopping festival

Total GMV settled through Alipay exceeded US$1 billion in 17 minutes and 58 seconds.

Mobile GMV settled through Alipay accounted for 47.8% of total GMV.

The 11.11 Shopping Festival began in 2009 with 27 merchant participants as a mutually beneficial event for Tmall.com merchants and consumers during the seasonal changeover, filling a major gap in the traditional offline retail calendar in China. This year, more than 27,000 brands and merchants are participating in the event, including Costco, Muji, Desigual, ASOS, and The North Face, among others. By expanding globally with the participation of AliExpress and Tmall Global, consumers in over 220 countries and regions will be able to select from more than one million products through online storefronts and e-commerce websites.