Retail in Asia

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“China’s Apple” rakes in USD200m in bumper Singles’ Day

Xiaomi, the smartphone maker often dubbed "China’s Apple", was crowned the big winner of one of the world’s biggest shopping days Wednesday.

Singles’ Day, held in China on November 11 each year, has become known as the country’s anti-Valentine’s Day. E-commerce behemoth Alibaba is most strongly associated with the shopping extravaganza and announced that it had taken USD14.3 billion in sales through its online payment service.

Xiaomi said Wednesday evening that it had become the top-grossing merchant on Alibaba’s online marketplace Tmall.com. That makes three successful years in a row for the smartphone maker, as sales totalled CNY1.25 billion (USD196.3 million), nearly 1.4 percent of the total money that Alibaba cashed in during the 24-hour period.

(Source: CNBC)