Xiaomi Creates Guinness Record By Opening 500 Retail Stores In One Day In Rural India

Xiaomi Creates Guinness Record By Opening 500 Retail Stores In One Day In Rural India

Xiaomi Creates Guinness Record By Opening 500 Retail Stores In One Day In Rural India

by November 22, 2018

Chinese smartphone makers and electronics giant Xiaomi is on a roll. The company has opened a record 500 retail stores in rural parts of India to cater to the burgeoning market it has created in the country. The Mi Stores, as it is called, are similar to the “Mi Home” stores that are currently operational in metro cities. The “Mi Home” stores are much bigger though.

“The company created a Guinness record for opening the maximum number of stores in one single day. Xiaomi plans to open 5,000 Mi Stores by the end of 2019 that will create nearly 15,000 jobs,” Manu Kumar Jain, Vice President, Xiaomi Global and Managing Director, Xiaomi India, told reporters here.

“This new business will forever change rural retail in India,” he added. The brand had started with an online only strategy. However, Xiaomi is now expanding its presence in offline retail in India at break neck speed. The company launched its fourth flagship “Mi Home” experience store in Bengaluru recently along with a new office.

The intent is to strengthen its offline network further. The company had announced in September that it wanted to open 100 “Mi Home” stores in 2018 itself. As per the report, Xiaomi is riding the success of its smartphones such as the Redmi 5A and Redmi Note 5 Pro series and refreshed Redmi 6/A/Pro portfolio.

The company which has been in India for the last eight years wants to be known as much more than a smartphone company and hence a host of other product launches have been seen this year. Along with its products in the smart home portfolio, Xiaomi will now be venturing outside the electronics space in segments such as luggage, shoes, apparel and more.

 

The company is riding on its robust sales in India and Europe. It has reported a 49.1 per cent increase in revenue for its third quarter of 2018 as net profit reached 2.48 billion yuan or $357.23 million, which roughly converts to INR 2547 Crore.