China's Xiaomi targets sales of $14.5 billion in 2017
After a year that saw the firm fall down the smartphone vendor rankings while it overhauled its business.
- Jan 12, 2017,
- Updated Jan 12, 2017 4:25 PM IST
China's Xiaomi targets 2017 sales of over 100 billion yuan($14.47 billion), Chief Executive Lei Jun said on Thursday, after a year thatsaw the firm fall down the smartphone vendor rankings while it overhauled itsbusiness.
"The worst is over," Lei said at an annual meetingin Beijing, describing 2016 as a "make-up year".
Seven-year-old Xiaomi was briefly the world's most valuablestartup and had hopes to be China's equivalent of Apple Inc. But it fell out ofthe top five in China for smartphone vendors in 2016, after reaching No. 2 in2015.
Last year saw increased competition from compatriots HuaweiTechnologies Co Ltd [HWT.UL], Oppo and Vivo while growth in the globalsmartphone market stagnated.
In response, privately held Xiaomi said it made adjustmentsto several business areas, including increasing its offline retail presence andpushing for more overseas business.
Lei did not detail Xiaomi's financial results but said thesmartphone vendor ranked among the top three in India with sales of over $1billion, and that revenue from its smart hardware ecosystem exceeded 15 billionyuan. He also said online revenue doubled, without elaborating.
For 2017, Xiaomi plans to open 200 more Mi Home stores and atotal of 1,000 stores over the next three years to strengthen its offlineretail operations, since e-commerce makes up only 20 percent of China's overallsmartphone market, Lei said.
At present, Xiaomi has 54 Mi Home stores, he said.
Developing artificial intelligence and internet finance willalso be among 2017 growth strategies, he said. Xiaomi is the second-largestshareholder of Sichuan XW Bank, launched in December.
Lei said Xiaomi has over 300 people working on loans,insurance, securities, finance and payments, as well as securing the necessarylicenses.
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China's Xiaomi targets 2017 sales of over 100 billion yuan($14.47 billion), Chief Executive Lei Jun said on Thursday, after a year thatsaw the firm fall down the smartphone vendor rankings while it overhauled itsbusiness.
"The worst is over," Lei said at an annual meetingin Beijing, describing 2016 as a "make-up year".
Seven-year-old Xiaomi was briefly the world's most valuablestartup and had hopes to be China's equivalent of Apple Inc. But it fell out ofthe top five in China for smartphone vendors in 2016, after reaching No. 2 in2015.
Last year saw increased competition from compatriots HuaweiTechnologies Co Ltd [HWT.UL], Oppo and Vivo while growth in the globalsmartphone market stagnated.
In response, privately held Xiaomi said it made adjustmentsto several business areas, including increasing its offline retail presence andpushing for more overseas business.
Lei did not detail Xiaomi's financial results but said thesmartphone vendor ranked among the top three in India with sales of over $1billion, and that revenue from its smart hardware ecosystem exceeded 15 billionyuan. He also said online revenue doubled, without elaborating.
For 2017, Xiaomi plans to open 200 more Mi Home stores and atotal of 1,000 stores over the next three years to strengthen its offlineretail operations, since e-commerce makes up only 20 percent of China's overallsmartphone market, Lei said.
At present, Xiaomi has 54 Mi Home stores, he said.
Developing artificial intelligence and internet finance willalso be among 2017 growth strategies, he said. Xiaomi is the second-largestshareholder of Sichuan XW Bank, launched in December.
Lei said Xiaomi has over 300 people working on loans,insurance, securities, finance and payments, as well as securing the necessarylicenses.
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