Xiaomi goes global with new domain name MI.com
MANILA, Philippines (Updated) — Apple and Samsung might be the frontrunners in the global smartphone industry, but a lesser-known Chinese startup is looking to shake things up.
Beijing-based smartphone manufacturer Xiaomi is already one of the most popular smartphone companies in China but is setting its sights on a higher prize.
Last week the company announced it was changing its domain name to a more western-friendly and easy to pronounce "Mi". The purchase set the company back by $3.6 million (P160.5 million) making it the most expensive domain name purchases this year.
In its company website the company says MI stands for "Mobile Internet" but can also mean "Mission Impossible" referring to the barriers it had to defy to get to where it is today. The company shipped around 19 million smartphones in 2013 and is targeting to 60 million more in 2014.
Growth is expected to come from extending its operations to 10 countries including Brazil, India, Indonesia, Malaysia, Mexico, Russia, Thailand, Turkey, Vietnam, and the Philippines.
With critically-acclaimed low-cost smartphones like the Xiaomi Mi3 and Red Note, Xiaomi will attempt to challenge more popular brands in emerging economies, a battleground analysts believe has more potential for big rewards than Western markets.
Bin Lim, co-founder and president of Xiaomi, believes that the Chinese brand will find success internationally. “It’s our mission and our belief that this model should be able to achieve some level of success outside of China,”he said. — Rappler.com