Smartphone and media device maker Xiaomi, which has till now largely focused on an e-commerce strategy, now plans to venture into physical retail.
On Sunday, Xiaomi Corp announced plans to open 1,000 stores in three to four years, instead of just promoting itself on the Internet.
The company also released the Xiaomi 5S smartphone with ultrasonic wave fingerprint recognition and dual-camera design. It also unveiled a 65-inch smart TV with contents offered by Internet video websites iQiyi, Youku Tudou and Tencent.
The company has just 25 stores now – largely a mix of service centres, and experience stores. Its products range from smartphone, TV, router, air purifier, electric cooker and water purifier.
The move comes as Xiaomi lost the top spot and market share to domestic rivals like Huawei, Oppo and Vivo. Huawei in particular is proving to be a tough opponent with over 11,000 stores to its name.
Xiaomi India reached three major milestones in 2016 -- it crossed $1 billion in annual revenue for the first time, secured a spot among the top three smartphone players in the country and, in October, sold a record 1.35 million smartphones
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