Brands rake in millions as Alibaba’s toned-down Singles’ Day enters last stretch. Getty Images.
Alibaba said that nearly 400 brands, including Apple Inc and L’Oréal SA, have raked in more than $15 million in sales each during its Singles Day extravaganza, as the toned-down event headed into its final hours on Thursday.
Alibaba Group turned China’s informal Singles’ Day into a shopping event in 2009 and built it into the world’s biggest online sales fest, dwarfing Cyber Monday in the United States.
But the e-commerce giant this year has toned down the marketing hype amid stringent regulatory scrutiny,…
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