Xiaomi targets sales of US$1.4b from 1,000 stores over next three years
‘Xiaomi can no longer rely on just online sales, they need to combine online and offline to make shopping into an experience for customers’ – Kitty Fok, managing director, market research firm IDC China.
Xiaomi opened its second flagship store in Hong Kong on Monday, as the smartphone and electronics giant looks to grow a stronger high street presence which it is hoping will bring in 10 billion yuan (US$1.46 billion) from 1,000 stores over the next three years.
The store, covering more than 3,000 square feet on the eighth floor of Causeway Bay’s Hang Lung Centre, will offer a range of Xiaomi’s products including smartphones, smart home appliances and lifestyle products such as suitcases, pillows, towels and Wi-Fi routers. Its first “Mi Home” retail store in Hong Kong opened in 2015, on Nathan Road in Mong Kok.
“The newly-opened Mi Home store demonstrates the importance of the Hong Kong market,” said Wang Xiang, Xiaomi senior vice-president and head of international.
“Xiaomi will continue to expand in Hong Kong. We are very confident of the market potential here.”
Wang took over the role from Hugo Barra in leading the firm’s overseas expansion, after he left to join Facebook in January.