Alibaba Group Holding Ltd. (NYSE: BABA) set a new record on singles day on Monday with gross merchandise volume (GMV) reaching $38.4 billion.
The world’s largest shopping festival kicked off at midnight in China, just over the first hour mark, GMV was already $12 billion, Alibaba said in a statement today.
The e-commerce giant based in Hangzhou, broke the record in 16.5 hours with $31 billion in sales, CNN Business reported. Last year, Alibaba posted a GMV of $30.8 billion.
According to the company’s website, over 200,000 brands were participating in Singles Day, including its partner Allbirds, which sells footwear products through Alibaba’s Tmall platform. The two parties, entered a partnership agreement earlier this year.
Throughout the day, Alibaba posted updates through social media and its website, along with an interview it had with Erick Haskell, the president of international for Allbrids.
“We participated in 11.11 for the same reason we’ve launched on Tmall. Quite frankly, Chinese consumers are on Tmall, so for us, as a relatively new brand, it is important for us to be where those consumers are,” Haskell told Alibaba this afternoon.
By the 18th hour, Alibaba’s delivery orders succeeded 1.04 billion, which was more than the total it recorded a year ago.
Alibaba’s e-commerce rival, JD.com, Inc. (Nasdaq: JD) also set a new record in sales in singles day this year, as GMV was around $29.2 billion. JD.com posted $23 billion in sales last year.
Despite the two online retail competitors hitting records in sales, Wall Street investors have been concerned with trade war tensions, following U.S. President Donald Trump’s remarks on Friday. Trump said he will not roll back tariffs on China in the Phase One interim deal that has been under discussions.
Shares in Alibaba were trading 2% lower at $184.13 per American depositary share, meanwhile JD.com’s stock was up just 19 cents to $33.42 per ADS, on Monday morning.
Alibaba is also planning to debut in Hong Kong, in November.