Xiaomi Corp. Mi Note 2 smartphones stand on display inside one of the company's stores in Hong Kong, China, on Monday, June 26, 2017. Smartphone maker Xiaomi, fifth in Chinese smartphone sales behind Apple Inc. in the first quarter, is trying to claw its way back to the top of a domestic market it dominated two years ago. Photographer: Anthony Kwan/Bloomberg
Xiaomi Corp pioneered an online flash-sales model that lifted it to dizzying heights and made it Asia’s most valuable startup, but it’s since fallen on hard times. Now it’s counting on old-fashioned retail to make a comeback, and that’s proving a much stiffer challenge.
The smartphone maker is going through a major transformation after missed targets prompted a bout of soul-searching by billionaire co-founder Lei Jun. From Harbin in the chilly northeast to glitzy eastern Shanghai, it aims to build 1,000 “Mi Homes” by 2019 – about twice Apple Inc’s global store count – that will rake in an envisioned 70bil yuan (RM44.24bil) in sales by 2021.
Limited time offer:
Just RM5 per month.
