Record-breaking sales this year by leading luxury brands show that the 11.11 shopping festival cannot be ignored by businesses targeting upmarket consumers, according to specialist publisher Jing Daily.
The number of luxury brands taking part in the event doubled this year, with many brands selling out of their hottest items and others beating last year’s sales tallies in record time.
While the 11.11 event was created by Alibaba, it has become a national shopping event involving offline stores across the country as well as other digital shopping platforms. This year, Alibaba’s sales alone totalled $74.1 billion, an increase of 26% over 2019’s 11.11 results, and rival platform JD.com reported sales over $40 billion.
Jing Daily reports that British designers JW Anderson and Anya Hindmarch launched official flagship stores on JD.com during the 11.11 period, and the French house Chloé made their debut and quickly sold out of handbags.
Michael Kors’ sales earnings broke over $100 million, Jing Daily reports, and Cartier sold a $28 million necklace during a livestream event witnessed by almost 800,000 people.
Kering, LVMH, Richemont, and Swatch Group saw sales grow 150 percent, Jing reports, and Prada, Salvatore Ferragamo, Kartell, Burberry, Rimowa, Hugo Boss, and Coach all posted strong results during the 11.11 festival.
International beauty brands had a great day too, led by L’Oréal China, which was the top-performing beauty group on Alibaba’s Tmall platform for the fourth consecutive year, while Lancôme, YSL, and Armani Beauty were among Tmall’s other leading brands in the beauty category, along with home-grown success story Perfect Diary. Over 400,000 people watched Shiseido’s livestream from Tokyo and Hangzhou as the company used its own employees instead of social media influencers to promote products.
“It’s hardly surprising that luxury brands piggybacked on the success of Singles’ Day (11.11) this year — they had little choice given the diminished state of luxury sales in Europe and the US due to COVID-19,” Jing Daily stated. “Clearly, luxury had an impressive Singles’ Day, and with sales figures like this, no luxury brand can afford to ignore it.”
Overall, over 340 brands made sales over $15 million during the 11.11 festival, with 13 brands surpassing $150 million in the first 30 minutes.