Alibaba Group Holding Co. (BABA - Get Report) shares were indicated firmly higher in pre-market trading Monday after China's 'Singles' Day' shopping event notched a record $25 billion in sales over the weekend for the world's second-largest e-commerce group..
Alibaba shares gained 1.26% in premarket, indicated to open at $188.68, while and Wal-Mart (WMT - Get Report) partner JD.com Inc. (JD - Get Report) shares were marked 7.31% higher Monday, with an indicative opening price of $42.78. JD.com said Sunday that its Singles' Day transaction volume hit about $19.1 billion, up more than 50% from 2016.
The Singles' Day sales ran from Nov. 1 to Nov. 11, with the final day "making up by far the largest spike in sales," the company said in a statement.
On Saturday, Nov. 11, alone, top selling brands included L'Oréal SA (LRLCY , which tripled sales from last year, and Tag Heuer, backed by LVMH (LVMUY , which surpassed last year's results in 15 minutes. Columbia Sportswear Co. (COLM - Get Report) sales increased 800%, while sales of rival North Face, owned by VF Corp. (VFC , increased 400%.
While rival Alibaba said it had sold $25.3 billion, in a sales event in China to celebrate Singles Day, an increase of 39% compared with last year.
"It represents the aspiration for quality consumption of the Chinese consumer, and it reflects how merchants and consumers alike have now fully embraced the integration of online and offline retail," Alibaba Group CEO Daniel Zhang said in a statement.
The Singles' Day shopping festival, which is billed as the anti-Valentine's Day as Nov. 11 is deemed the loneliest date because it consists of four ones, started in 2009. Sales figures have continued to balloon, making Singles' Day the world's largest online shopping day -- significantly bigger than both Black Friday ($3 billion last year) and Cyber Monday ($3.5 billion last year) combined.
-Laura Berman contributed to this report.
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