Market Overview

Alibaba's Countdown To Singles Day Already Started

Alibaba's Countdown To Singles Day Already Started

Last year, Alibaba Group Holding Ltd (NYSE: BABA) sold more than $14 billion of goods during its annual Singles Day event held on November 11.

Alibaba is also known to put on quite a show to advertise its one-day selling event that eclipses Black Friday and Cyber Monday's combined sales.

According to Reuters, this year's celebration will include a performance by Katy Perry, virtual reality shopping and a live-streamed fashion show where consumers can pre-order items.

Alibaba's desire to bring its one-day selling event to the global stage will continue this year. Consumers in Hong Kong and Taiwan will be able to take advantage of deals and its market will expand over the years to Southeast Asia and then the rest of the world.

Related Link: Are Analysts Impressed With Alibaba Following Its Singles' Day Sales Event?

While last year's event was a smashing hit, Wall Street analysts held mixed feelings. Although selling $14 billion worth of goods in one day is impressive, investors shouldn't rush to judge a company's long-term health.

Reuters also noted in its report that Alibaba continues to face increased scrutiny from the U.S. Securities and Exchange Commission (SEC) over its accounting practices which calls into question just how accurate are Alibaba's reported sales numbers.

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