In order to make a grand entrance in the offline market, Chinese smartphone maker Xiaomi has started gearing up to set up 100 Mi Homes, it’s flagship store, in India in the next two years.
Xiaomi India Managing Director Manu Jain has said that “Mi Home is an extension of our e-commerce business. We launched our first store in Bengaluru and on our first day itself, we did a revenue of Rs 5 crore. We believe this Mi Home strategy will disrupt our offline retail in India. Once we have perfected our business model (in these cities), we would want to open at least 100 Mi Homes in the next two years”.
The company had entered and established a name for itself in India from the online space which resulted in over 90% of its sales in the country today. Xiaomi had crossed $1 billion dollar revenue in 2016 and currently holds 14.2% of market share in the offline space.
“We are working with a few chains in South and we have launched our distribution in five cities -- Jaipur, Delhi, Chandigarh, Bengaluru and Hyderabad. With these things coming along, we hope our share of offline market would be 20-25 per cent by the end of this year”, he said.
Xiaomi had recently launched it’s first store in Bangaluru and has plans to come up with more exclusive outlets in Mumbai, Delhi, Hyderabad and Chennai. The company had also set up its second manufacturing plant in India and is planning to set up more such manufacturing facilities in the future.