Alibaba sets record with $5.75bn one day sales on world's largest online shopping event

China's biggest online shopping company, Alibaba has reportedly set record in online sales by processing goods worth more than 5.75 billion dollars in one-day shopping free fest.

The unofficial Chinese holiday on November 11 (11/11) came to be celebrated as 'Singles' Day' by unmarried men across the country lamenting their single status with a drink five years back, but it has become the world's largest online shopping event.

According to the New York Times, Alibaba's one-day online shopping record in the world has surpassed by two and a half times the total for American retailers last year on so-called Cyber.

Alibaba, which owns Tmall and other e-commerce sites, revealed that it had 402 million unique visitors to its sites, and prepared 152 million parcels for shipping.

Tmall revealed that Chinese bought 1.6 million bras, which would reach three times the height of Mount Everest if folded and stacked, and two million pairs of underpants, which if linked together would stretch 1,800 miles, all before the lunch hour.

Bain, a global consulting firm, expects online shopping in China to grow at an annual rate of 32 percent from this year through 2015.

A spokesman Yan Qiao said that Singles' Day is publicity for Alibaba, which is preparing for an initial public offering.