Xiaomi History: Xiaomi Founder & Success Story ? Net Growth

Written by Rayden Sam Posted on 2024-01-11

A Chinese designer and manufacturer of consumer electronics and related software, home appliances, and household goods, Xiaomi is also known as Xiaomi and is officially registered as Xiaomi Inc. in Asia.

About Xiaomi: It is the second-largest smartphone maker in the world, behind Samsung, and the majority of its devices run the MIUI operating system. The business is the youngest on the Fortune Global 500 and is rated 338th. Lei Jun, a current multi-billionaire, and six senior partners launched Xiaomi in 2010 when he was 40 years old in Beijing. Lei developed both Kingsoft and Joyo.com, which he sold to Amazon in 2004 for $75 million.

By 2014, Xiaomi held the greatest market share of smartphones sold in China. Xiaomi introduced its first smartphone in August 2011. The business started solely selling its goods online but eventually developed physical locations. It was creating a variety of consumer gadgets by 2015.

The business sold 146.3 million devices in 2020, and the MIUI operating system has more than 500 million users that log on every month.

History of Xiaomi

According to Canalys, Xiaomi overcame Apple Inc. in the second quarter of 2021 to take second place in terms of global smartphone sales with a 17% market share. Using its Internet of Things and Xiaomi Smart Home product ecosystems, it is a significant maker of products as well, including televisions, flashlights, unmanned aerial vehicles, and air purifiers. By keeping the majority of its products on the market for 18 months, longer than most smartphone manufacturers, Xiaomi keeps its prices close to its production expenses and bill of materials costs.

Expansion Xiaomi

Additionally, the business uses flash sales and inventory optimization to maintain minimal inventories. Xiaomi stated in February 2014 that it was expanding outside of China and had opened a global headquarters in Singapore. Xiaomi replaced Xiaomi.com as the company’s primary domain name in April 2014 by purchasing mi.com for a record-breaking US$3.6 million, the most expensive domain name ever purchased in China.

With 216 industrial design registrations produced under the Hague System in 2020, Xiaomi was placed second worldwide in the 2021 evaluation of WIPO’s annual World Intellectual Property Indicators. With 111 industrial design registrations published in 2019, they moved up from their previous third-place ranking to this one.

Growth Xiaomi

Lei announced ambitions for Xiaomi to join the high-end smartphone market and overtake Apple as the top seller of premium handsets in China in three years in a statement published on Weibo on February 8, 2022. Over the next five years, Xiaomi will spend US$15.7 billion on R&D toward that objective, and the business will compare its user interface and product offerings to those of Apple.

After Xiaomi’s market share in China declined over successive quarters—from 17% to 14% between Q2 and Q3 2021, then further to 13.2% as of Q4 2021—Lei wrote on Weibo that the new strategy was a “life-or-death battle for our progress.” In 2022, Leica Camera signed a strategic agreement with Xiaomi to collaboratively develop Leica cameras to be used in Xiaomi flagship Android devices, succeeding the partnership between Huawei and Leica.

The Xiaomi 12S Ultra, which debuted in July 2022, is the first flagship smartphone released under this new alliance.