Chinese smartphone maker Xiaomi plans to open stores for its products in nearly a dozen European countries as part of an ambitious expansion, with 2,000 new stores over the next three years.
“Half of these will be opened overseas with partners,” Xiaomi’s global sales director Liu Yi told Handelsblatt. Mr. Liu described the target markets as countries with a large population, many Internet users and an existing fan base for Xiaomi.
The Chinese firm is one of the most valuable startups in the world with a valuation of $46 billion based on investor funding. It specializes in selling high-quality phones at low prices – just barely above cost – with the aim of upselling other products and services. Still, not everyone is convinced that Xiaomi will succeed in its new foreign adventure.