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Xiaomi goes old school to reclaim smartphone crown in China

Aims to build 1,000 Mi Homes by 2019 which will rake in envisioned $10 bn in sales by 2021


Xiaomi pioneered an online flash-sales model that lifted it to dizzying heights and made it Asia’s most valuable start-up, but it’s since fallen on hard times. Now it’s counting on old-fashioned retail to make a comeback, and that’s proving a much stiffer challenge. The smartphone maker is going through a major transformation after missed targets prompted a bout of soul-searching by billionaire co-founder Lei Jun. From Harbin in the chilly northeast to glitzy eastern Shanghai, it aims to build 1,000 “Mi Homes” by 2019 — about twice Apple’s ...

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First Published: Thu, July 06 2017. 04:03 IST