Xiaomi unveils alternative to imports
Print Edition
ELECTRONICS manufacturer Xiaomi Corp aims to give Chinese consumers a domestic alternative to products imported from Japan.
The firm yesterday launched a new brand called Mijia (Mi Home) for devices such as electric cookers and air purifiers produced by startups it has invested in.
The new smart-home ecosystem brand offers Chinese consumers high performance at affordable prices, said Lei Jun, Xiaomi’s founder and chief executive.
The brand includes 29 Xiaomi-backed firms, seven of which now generate annual revenue of more than 100 million yuan (U$15.4 million) each, Lei added.
Xiaomi debuted an electric cooker yesterday under the new Mijia brand that costs 999 yuan, one third of the price of similar products from Japan.
Many Chinese consumers buy Japanese cookers because they are not satisfied with Chinese brands, which has fueled debate about quality control and technological innovation in China.
Xiaomi’s core smartphone business faces strong competition from Huawei and Oppo, which has forced the firm to diversify its operation, industry insiders said.
In 2015, Xiaomi sold 70 million smartphones, failing to achieve its annual sales target of 80-100 million units.
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