Chinese smartphone maker Xiaomi has announced it will increase its Indian stores tenfold by the end of next year


Stock Market News Today


Xiaomi Corp announced in a press release Tuesday that it would increase its presence in India from 500 retail stores to 5,000 by 2020.

“It’s been over a year since we started offering our products through offline retail and we have seen strong growth there,” Manu Jain, Xiaomi vice president and managing director for India, said in the release.



“Offline retail is a huge segment in our country with nearly 40 percent of the offline market focused in rural regions, and all of this should increase our offline sales and account for 50 percent of the company’s revenue by the end of next year.”

In a Twitter post, the smartphone maker invited people to apply to run one of the franchised stores, which will be based on its Mi retail model.

“Mi store is the ‘new retail’ model for rural India that gives flagship store experience to our rural customers,” Xiaomi said on Twitter, adding that the new stores would generate more than 15,000 jobs.

India is one of Xiaomi’s fastest-growing markets, according to Reuters, where it has had success with its budget Redmi phone series.



The firm is the country’s leading smartphone provider, with 30 percent of market share. It entered the market in 2014 as an online-only retailer, before opening physical stores across India. Samsung and Vivo are its closest competitors there.

Xiaomi was awarded a Guinness World Record on Tuesday for opening the largest number of retail stores in India simultaneously.The company also operates in Asia, Europe, the Middle East, Africa, and Mexico.


fresh

Try AmazonFresh Free Trial


Profile: XIAOMI CORPORATION is a China-based investment holding company principally engaged in the research, development and sales of smartphones, Internet of things (IoTs) and lifestyle products, the provision of Internet services, and investment business. The Company mainly conducts its businesses through four segments. The Smartphone segment is engaged in the sales of smartphones.

The IoT and Lifestyle product segment is engaged in the sales of other in-house products, including smart televisions (TVs), laptops, artificial intelligence (AI) speakers and smart routers; ecosystem products, including IoT and other smart hardware products, as well as certain lifestyle products. The Internet service segment is engaged in the provision of advertising services and Internet value-added services. The Others segment is engaged in the provision of repair services for its hardware products. The Company distributes its products in domestic market and to overseas markets.

Advertisements


Categories: Xiaomi Corp

Tags: , , , , , , ,

2 replies

Trackbacks

  1. Xiaomi Corp.’s bad week got worse Thursday as more investors rushed to sell as soon as they could – Stock Market News Today

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: