Xiaomi entered Europe for the first time last September starting from Spain. Now it has announced that it will expand to France and Italy later this month. It will launch in France on May 22nd, 2018 and in Italy on May 24th, 2018.
The company is selling smartphones in China, Hong Kong, Taiwan, Singapore, India, Malaysia, Philippines, Indonesia, Brazil and Spain. Earlier this month it announced that in partnership with 3 (telecommunications) it will sell smartphones in the United Kingdom, Ireland, Austria, Denmark, and Sweden. The company already confirmed that it is planning to enter US smartphone market by late 2018 or early 2019.
Last month Xiaomi CEO Lei Jun promised that the company’s overall net profit margin will never exceed 5%, including smartphones, IoT and lifestyle products. If the margin crosses 5%, the company will find a way to return the excess above 5% to its users. At present, the company has exceeded 100 billion RMB in annual revenue and has nearly 20,000 employees.