Home Finance REFILE-UPDATE 1-With discounts galore and Taylor Swift, Alibaba eyes another record Singles'...

REFILE-UPDATE 1-With discounts galore and Taylor Swift, Alibaba eyes another record Singles' Day

Alibaba Group will kick off its annual 24-hour shopping extravaganza on Monday with deals and deep discounts galore, and a performance by American popstar Taylor Swift to top it all, as it pushes to rake in another record Singles’ Day sales. This year’s Nov. 11 bash comes as the $486 billion Chinese retail juggernaut navigates through a major turning point, the resignation in September of its flamboyant co-founder Jack Ma as chairman, and looks to raise up to $15 billion via a share sale in Hong Kong as early as this month. Alibaba saw sales worth $30 billion on its platforms on Singles’ Day last year, dwarfing $7.9 billion U.S. online sales for Cyber Monday.

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