China's Singles Day: Alibaba Profits Off Holiday It Created
China's e-commerce giant trademarked and publicized Singles Day, a holiday for people without partners that's become a commercial hit.By Zach Toombs | November 10, 2014
Kind of like how card and chocolate companies turned Valentine's Day into a commercial hit, Alibaba popularized China's Singles Day and now makes tons of money off it.
Alibaba's American IPO in September was the biggest initial public offering in history. And now the Chinese e-commerce giant stands to gain even more ground thanks to a holiday it helped create.
Singles Day, on 11/11, has been part of Chinese culture for about two decades now, but it didn't really catch on until online commerce sites figured out how to make money from it. Alibaba trademarked a common Chinese name for the holiday and helped turn it into China's version of Black Friday.