Why Single's Day in China is a major global event
- Singles Day takes place in China on November 11
- Global corporations seek to get in on sales bonanza
- Alibaba hoping to soar past 2013's $5.57bn record sales in-a-day figure
By Kim Fournais
Forget Black Friday. Ignore Cyber Monday. There is really nothing out there that can quite live up to China's Single's Day on November 11. The hype is fully deserved.
Much like China's phenomenal growth of the last two decades, Single's Day, so-called because the 11.11 date represents four singles, has somewhat caught the rest of the world unawares. But not anymore.
After Alibaba sold $5.57 billion worth of goods in a day in 2013, the major global corporations have been wondering how they can muscle in on an event that China's 1.2 billion-strong population have flocked to with unbridled enthusiasm.
Our Australian editor Adam Courtenay has already detailed the plans Costco has for next Tuesday while Revlon and Maybeline have linked up with China's biggest appliance retailer Suning to make sure their products have a direct channel to the customer.
But it is Alibaba that will undoubtedly set the pace as it looks to take out the $5.57 billion sales figure it hit in 2013 and set yet another record for sales in a day. After New York swooned at its IPO in September, nothing it seems can keep this Chinese online giant in check.
That's more than reflected in Alibaba's share price (BABA:US). It rose to a high of $110.14 yesterday and closed at $108.67.
Saxo Bank's head of equities Peter Garnry has pointed out that "it may be a little stretched" in this morning's 'From the floor' but when we put that in the context of a $65-67 expected range prior to the September 18 IPO, that's hardly surprising.
Whatever headwinds the Alibaba share price might face, it is difficult to imagine them emerging prior to November 11.
You can of course rest assured that the TradingFloor team will be covering it extensively in the lead up to the day and on the day itself to make sure our community is the best informed and best armed to make critical trading decisions.
We've marked it in our calendar. We hope you clear the desks too!
China's Single's Day may no longer be about love but it is a train that everyone wants to
get on after Alibaba scored $5.57bn in sales in a day in 2013. Photo: Thinkstock
-- Edited by Martin O'Rourke
Kim Fournais is co-founder and CEO of social trading leader Saxo Bank