Xiaomi Sales Up 33 per cent Year-on-Year

xiaomiChinese smartphone juggernaut Xiaomi continues to grow at a rapid pace, announcing that it sold 34.7m smartphones in the first half of 2015, a 33 per cent increase in sales year-on-year.

Xiaomi is the worlds third largest smartphone manufacturer and is currently valued at $45bn (£28.8bn), having swiftly grown inside its native China before expanding to the rest of Asia. The companys low-cost, high-quality devices and its innovative, digital-only marketing strategy has been credited with its high-speed expansion.

While 34.7m is an impressive number, and represents substantial growth on last year, it falls short of CEO and co-founder Lei Juns estimate that the company would sell 100m smartphones in 2015.

However, the figure may not be entirely beyond the firms reach, thanks to its international expansion plans. Earlier this week, the company expanded into Brazil, its first market outside Asia, and it is reportedly considering moves into Turkey, Russia and Mexico, as well as other Southeast Asian counties where it does not currently have a presence.

While the company does not currently sell smartphones in Europe or the US, it did recently expand its Mi.com web store, which accounts for 70 per cent of sales, to enable American and European consumers to buy accessories such as headphones, fitness trackers and power packs.

Lei alluded to the companys expansion plans in January when announcing the firms full year results for 2014, which saw 61.1m phones sold and revenues increase by 135 per cent. He noted that the domestic Chinese market was likely to slow over the course of the year, and “eco-system and endurance” would be keys to the firms continued success.