Xiaomi - An Essential Student Research Update from Bloomberg

This article on Bloomberg Business about Xiaomi is perfectly timed for teachers and students wanting to update and extend their research on one of the fastest-growing consumer electronics brands in the world.Back in September 2013 we wrote at some length about the growth strategy at Xiaomi which many in the media have labelled the "Apple" of China (and its founder and CEO Lei Jun the "Steve Jobs of China"). That's a label he rejects, by the wayEarlier this year we reported on how Lei Jun had set quite a challenging new corporate objective for Xiaomi - to sell 40 million smartphones during 2014.The Bloomberg article suggests that Xiaomi may already be well on the way to achieving and possibly exceeding the 40 million phone objective, particularly as it has started to sell very well outside of China (a recent launch in Singapore sold out in just minutes). There is talk of trying to sell 100 million phones in 2015! Now Lei Jun's sights are set on nearby emerging markets such as Thailand, Malaysia, Indonesia and Vietnam.Why is Xiaomi succeeding against strong competition?The article argues that the attraction of the Xiaomi product is both from a design AND price perspective:"Xiaomi’s appeal: It offers the technology and style of Apple or Samsung at less than half the cost." it claims, and this is supported by some comments from Xiaomi customers.The article also provides some important background information on Lei Jun who is described as being "a world-class entrepreneur with vision, leadership and ambition to really build up a global company".The comparison towards the end of the article between Xiaomi and Apple is also well worth a read - top evidence for a compare and contrast point for BUSS4 students.