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Alibaba Singles Day sales missed expectations



Alibaba founder Jack Ma attends the 5th World Zhejiang Entrepreneurs Convention at Hangzhou International Expo Center November 13, 2019 in Hangzhou, Zhejiang Province China.

VCG | Visual China Group | Getty Images

Alibaba co-founder Jack Ma said that the company's Singles Day performance missed expectations and blamed the hot weather and that the huge shopping event fell on a weekday.

The Chinese e-commerce giant, broke up gross goods value (GMV) of 268.4 billion yuan or more than $ 38.3 billion, setting a new record. GMV to measure sales across its shopping platforms.

Singles Day, also known as "Double 1

1" because it drops on November 11, is a huge 24-hour shopping event where thousands of products receive big discounts. [19659002] While Singles Day GMV was above market forecasts, they did not beat what Ma expected.

"What I want to tell you is that Singles Day sales this year have not even met my expectations," Ma said at the 5th World Zhejiang Entrepreneurs Convention on Wednesday, according to a CNBC translation.

"There are several reasons, one of them is that the weather is too hot. Clothes sell better when it's cold. Another reason is that it's a Monday," Ma added, in a video circulating on Chinese social Media.

The co-founder of Alibaba said he hoped the government would give people half a day off work for future Singles Day events.

Alibaba was not immediately available for comment.

Mom's comments come as Alibaba reads for a secondary listing in Hong Kong where it could raise $ 13 billion, a source with direct knowledge of the case told CNBC.

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