Business

Zalora from Southeast Asia expects file gross sales on Singles Day

The Southeast Asian e-commerce company Zalora expects record business on Singles Day given the economic reopening and increasing technology acceptance across the region.

Gunjan Soni, CEO of Zalora Group, said she expected Thursday’s activity to surpass that of last year when the company posted $ 100 million in revenue in its first hour of business.

Singles Day, which takes place on November 11th, is an online shopping event similar to Black Friday and Cyber ​​Monday. It originated in China and is particularly popular in Asia.

“We’re seeing a lot of excitement and I definitely expect us to break some records,” Soni told CNBC’s Street Signs.

The fashion retailer said it expects pandemic-winning categories like athleisure, beauty and kids to continue doing well this year. Athleisure refers to a type of clothing that combines athletic gear with casual wear.

But Zalora also expects a comeback in other segments that were previously heavily affected – such as women’s and holiday wear.

“The good news is that we are finally seeing a return in demand for womenswear and festive wear, and we expect vacation-related gear in particular to spike,” said Soni.

Singles Day is a major event for retailers across the region. In an intra-day statistic released Thursday, Southeast Asian e-commerce site Lazada, owned by Chinese e-commerce giant Alibaba, said it took just nine minutes to generate $ 11 million in revenue .

It is because Southeast Asia continues to make advances in technology adoption, partly required by coronavirus lockdowns. Even if the regional economies open up again to varying degrees, Soni assumes that the demand for e-commerce will continue.

“We’re very optimistic about the vertical in fashion, beauty and lifestyle if we take the next three to five years,” she said.

According to a new report by Google, Temasek Holdings, and Bain & Company released on Wednesday, Southeast Asia’s six largest economies are now home to 440 million internet users, of whom 40 million were online for the first time this year. Of the total of 440 million, 80% have shopped online at least once.

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