Lipstick King's Sales Slip Shows Slowing Singles' Day Growth Amid China's Economic Challenges
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Li Jiaqi, known as 'Lipstick King', recorded 9.5 billion yuan in sales on Singles' Day, down from 21.5 billion yuan last year. His share of sales fell to 25% from 33%.
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Weaker performance shows challenges in getting Chinese consumers to spend amid economic turbulence and deflationary pressures.
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Key e-commerce platforms saw estimated 1-3% GMV growth, slower than previous years. Alibaba said it had positive YoY growth.
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Top livestreamers like Li are losing appeal after scandals, leading brands to use their own livestreaming.
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The annual shopping festival is harder to interpret as firms don't provide precise sales figures post-Covid.