[UPDATE] November 12, 2017 05:01 a.m. EST: Alibaba Group has smashed the record for one-day online shopping sales with its Singles Day event generating a staggering $25.3 billion within 24 hours. The company processed 1.48 billion transactions during the period.

The previous record was Alibaba's own $17.8 billion in sales during last year's Singles Day. To put these numbers into context, retailers drew in a record $3.45 billion on Cyber Monday and $3 billion on Black Friday, which makes Alibaba's sales sound even more mind-blowing.

Sales performance for Singles Day 2017 was strong literally from the first seconds. After raking in a massive $1.5 billion in the first three minutes, sales continued to soar to $12 billion in two hours and then onto $18 billion after 13 hours.

The numbers were no doubt aided by Alibaba's promotion of Singles' Day with the martial arts movie Gong Shou Dao, starring none other than company founder Jack Ma (pictured above), and with superstar Jet Li also producing the film.

Even Pharrell Williams took to the stage at Alibaba’s "11.11 Countdown Gala" to drum up buzz in the event, with Maria Sharapova also in attendance, with the results speaking for themselves. The annual holiday is one of the biggest commerce events in China, and now Alibaba Group has raised the bar for another year – so what comes next for the retail giant?

In other news, design director Ken Link might have moved to adidas after 22 years with Nike.

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