For years, China’s annual shopping extravaganza known as Singles Day looked like a profitable exchange between East and West.
Thousands of premium Western brands like Apple and L’Oreal were bought by hundreds of millions of Chinese consumers on the e-commerce giant, Alibaba.
As Xi Jinping pushes China to become more economically self-sufficient, Singles Day is adjusting to a more insular era, one built on the strength of domestic companies with close scrutiny
Singles Day started as a one-day event on Nov. 11, but, like Black Friday, has morphed into a weekslong affair. This year’s event started in late October,
and Chinese businesses have clinched the top-selling spots in several categories, including cosmetics, fashion and home appliances.
While L’Oreal, Nike and other foreign companies retained a strong presence, they shared the spotlight with their Chinese rivals,
which accounted for over half of the top 100 selling brands in the first hour of sales on Alibaba’s main shopping platform, Tmall, according to the state media outlet, Xinhua.