M
Macky Evangelista
Guest
While most American’s probably haven’t heard of the Chinese phone manufacturing company Xiaomi, their immense success in China has propelled the company into new heights. With the company being previously valued at $4 billion (2012) and $10 billion (2013), rounds have now valued the company at a whopping $45 billion.
How did Xiaomi gain this much success in such a quick time you ask? Clever on-line marketing coupled with cheap/affordable high-powered devices have made them a household name in China. Not only has the company knocked off both Apple and Samsung as the the #1 smartphone manufacture in China, but they are also now #3 world-wide. With over 500 million smartphones expected to be sold in China next year (more than double that is expected to be sold in the US), one can only expect Xiaomi to grow even further. With China clearly under their belt, the Chinese company has their eyes set on the rest of the world starting with India and Brazil, and I’m sure they have hopes of someday being a household name in Europe and possibly even the United States.
Xiaomi’s sudden quick road to success has caused other companies such as ZTE and Huawei to take similar approaches to their marketing style and smartphone offerings in hopes to contend alongside the Chinese powerhouse. With plenty of investors flocking to the company, an initial public offering is most likely in it’s future. Though according to the New York Times, an I.P.O. is probably still ‘years away’.
With companies such as Apple, HTC, Samsung, LG, and even Sony currently dominating the smartphone world here in North America and Europe, do you guys think Xiaomi has a chance to contend with those companies for your money? I would imagine it won’t be for at least a couple of years, though offering high-spec’d smartphones at such an affordable price is certainly a great way to get their foot in the door in the US and European markets.
source: New York Times
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