Inside Alibaba's extravagant shopping gala that racked in $38 billion - Business Insider

and 5,153 times more than what it sold at its first Singles' Day event one decade ago.

Here's everything that went down at this year's insane Singles' Day celebrations, which fall on November 11 every year. In July, Alibaba-owned company Tmall held the first official press conference for the 11.11 global shopping festival in Hangzhou.Then, in October, Alibaba held its "Tmall Collection show", which it described as the “11.11 opening show.” The extravagant affair was meant to act as a preview of the "massive selection" of items that would be available on Singles’ Day the following month.

This is the first event without co-founder Jack Ma, who stepped down as Alibaba's chairman in September this year.The night before Singles Day on November 11, brand representatives flocked to Alibaba’s Xixi campus to watch the countdown gala and view first-hour sales figures.The campus was lavishly lit with neon lasers and fairy lights were strewn across the floor.There was a huge lit sculpture containing the tagline, "Make 11 Happen" in the front of the campus building.

The reality TV star showed off her KKW cosmetics line to the roughly 12 million people watching the stream.Meanwhile, customers swarmed shops in Alibaba-partnered Intime Malls. Among them were beauty brand MAC and New York-based Estée Lauder, which sells skincare, makeup, perfume and hair products.A Chinese supermarket linked to Alibaba slashed its prices by half, and customers actually cleaned out entire shelves.Many people packed their shopping carts until they were overflowing.

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Interesting marketing strategy. At most, they invested a few millions with the artist presentations but brought it billions in sales. Very shrewd.

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