Chinese innovative tech company Xiaomi has set a tall figure for itself this year, aiming to rake in more than 100 billion yuan ($14.5 billion USD) of revenue in 2017, Bloomberg reports. This is coming even as the company pledged to go slower at its pace of business expansion and to completely change its online-focused retail strategy which had been successful but unable to sustain the company’s growth.
Xiaomi’s CEO Lei Jun is credited to have laid down the company’s strategy for 2017 in a memo posted on WeChat. The Chief Executive of China’s most valuable startup, in the memo, talked about drastically increasing its store network with additional 200 outlets established. He also envisioned a global expansion for the brand, as well as deepening research into artificial intelligence and online finance. The CEO admitted that Xiaomi had tried to expand too rapidly in past years.
Another avenue the company hopes to explore this year is its other products aside smartphones. The company has in its arsenal, a wide range of electronic gadgets like air purifiers, robot vacuums, smartTVs, washing machine, scooters, bikes, and several others which are manufactured by its ecosystem-partners. Mr Lei Jun did disclose that the company garnered over 15 billion yuan from such sales in 2016 and as such would continue with the partnership system. Xiaomi is an innovative company with lots of potentials, it is hoped the company can find its bearing this year and get back right on track soon.