Xiaomi not to disclose its annual sales figures

Xiaomi, headquartered in Beijing, China, has decided to stop revealing its annual sales figures. The company has also decided not to disclose its 2016 sales numbers.

Lei Jung, CEO and Co-founder, Xiaomi, admitted in a letter to the employees a few days back that the company had moved too quickly. "In the first few years, we pushed ahead too fast. We created a miracle, but also drew on some long-term growth," he said.

Xiaomi had revealed that it sold over 70 million devices in 2015, but fell short of the company's public target of 80 million, which earlier was an even greater 100 million.

"We have to slow down, further improve in some areas, and ensure sustainable growth for a long-term future," Lei added in the letter.

Lei revealed that the smartphone maker reached $1 billion in annual revenue in India for the first time. He also said that he wants to push on and see Xiaomi developing its offline retail arm.

"Xiaomi has to aim wider because its current distribution model is limited, but you could certainly add 'stiffer competition' as another factor. Xiaomi has great ambitions, and we are not satisfied with just being an e-commerce smartphone brand, so we have to upgrade our retail model, and incorporate offline retail for a new retail strategy," he said.