May 14, 2017 06:53 PM EDT
Xiaomi, the second most popular Chinese smartphone maker is now planning to make its presence known by entering the retail chain in India. After a successful couple of years of smartphone sales through numerous online retailers and primarily through Flipkart, the company will now introduce 'Mi Home' stores by opening its first store in the nation's silicon Valley, Bengaluru. They are planning to incorporate the same business model they have opted for in their homeland, China.
Xiaomi has a market value of $45 billion according to TechCrunch has marginally slowed down in sales the last year mainly due to increasing competition in between their other compatriots like Huawei and OnePlus especially the latter, who has already opened their dedicated store in Bengaluru. The report said the company hasn't made their sales figure public but has set eyes on the Indian consumer market for a long time now.
Xiaomi successfully sold 3 million smartphone units solely in India itself with a revenue of more than $1 billion which puts them only behind the South Korean giant Samsung who still maintains a comfortable lead in the market. The 'Mi Home' stores will be opening in the coming weeks with an initial expansion throughout the country stretching to 100 stores in the next couple of years. Meanwhile, details from the Financial Express report that the Chinese smartphone maker will open the first store on May. 20.
Xiaomi's current Corporate Vice President Manu Kumar Jain, who also hails from India succeeds Hugo Barra, the Brazilian MIT student who now joined hands with Facebook to concentrate on their VR division. Mr. Jain said the next set of stores will be opened in other major metros like New Delhi, Mumbai, Hyderabad, and Chennai while also assuring that other Tier 2 and Tier 3 cities will also be included in the list.
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