By Adam Jourdan

5 Min Read

SHANGHAI (Reuters) – Alibaba BABA.N, the Chinese e-commerce giant, said on Saturday its Singles’ Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world’s biggest shopping event.

Jack Ma, Chairman of Alibaba Group, and actor Nicole Kidman attend a show during Alibaba Group’s 11.11 Singles’ Day global shopping festival in Shanghai, China, November 10, 2017. REUTERS/Aly Song

Once a celebration for China’s lonely hearts, Singles’ Day has become an annual 24-hour buying frenzy that exceeds the combined sales for Black Friday and Cyber Monday in the…

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