Saturday, November 24, 2018

Xiaomi opens 500 stores in one day in rural India, creates Guinness record

Chinese electronics major Xiaomi on Tuesday announced it has opened a record 500 retail stores in rural parts of India.

Called Mi Stores and opened on October 29, these are similar to the bigger "Mi Home" stores currently operational in metro cities.

"The company created a Guinness record for gap the most variety of stores in one single day. Xiaomi plans to open five,000 Mi Stores by the top of 2019 that may produce nearly fifteen,000 jobs," Manu Kumar faith, vp, Xiaomi world and manager, Xiaomi Republic of India, told reporters here.

"This new business can forever change rural retail in India," he added.

Started with the online-only strategy, Xiaomi is fast expanding its presence in offline retail as well.

In September, the company launched its fourth flagship "Mi Home" experience store in the country, in Bengaluru, along with a new office.

With the purpose of strengthening its offline network further, Xiaomi said in September it wanted to open 100 "Mi Home" stores in 2018 itself.

The company grew to a new high on the back of its successful Redmi 5A and Redmi Note 5 pro series and refreshed Redmi 6/A/Pro portfolio, said the report.

But the eight-year-old company wants to be recognised not as simply another smartphone company and it began working towards this mission in 2014.

Along with its products in the smart home portfolio, it is also venturing into non-technology related segments like luggage, shoes, apparel and more.

Riding on its robust sales in India and Europe, China-based Xiaomi on Monday reported a 49.1 per cent increase in revenue for its third quarter of 2018 as net profit reached 2.48 billion yuan ($357.23 million).

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