Alibaba Group Generates $74 Billion In Global Shopping Festival

(RTTNews) - Chinese online retail giant Alibaba Group Holding Ltd. (BABA) Wednesday announced that its 2020 11.11 Global Shopping Festival generated $74.1 billion in in gross merchandise volume during the 11-day campaign from November 1 to 11, an increase of 26% from last year.

"Over the past 12 years, innovation has been at the heart of 11.11 and along the way it became a global consumer festival. 11.11 is defined by our consumers, merchants and our partners across the ecosystem, and also a beneficiary of all the support from society," said Jiang Fan, President of Taobao and Tmall. "We will continue to focus on developing our digital infrastructure in the service of empowering merchants of all sizes to find a path to success in the digital economy."

Over 470 brands achieved more than RMB100 million in GMV, the company announced.

The United States was the top country selling to China by GMV. Other top-selling countries to China, include Australia, Canada, France, Germany, Italy, Japan, Korea, New Zealand and UK.