On Monday evening, Xiaomi will start an online marketplace for all of us consumers through which it is going to offer a handful of accessories, including a pair of convenient battery packs, the $80 Mi Headphones, and the $15 Mi Band activity tracker. Some hours later, on Tuesday, the store will also start in the UK, Germany and France.
Founded in 2010, Xiaomi retains to a business model that revolves around selling more than 1,000 products at or close to cost -- everything from mobile phones to accessories to television sets to stuffed animals. Its low-priced smartphones and tablets are intended to appeal to budget-conscious buyers.
The launch represents Xiaomi's first substantial step toward bringing its many products to the West. It has currently made a name with regard to itself by offering its low-cost smartphones in emerging markets, including China and India. It's also looking to start selling phones in Brazil within the next couple of months.
But the company would like to be known as more than just a gadget maker. "We increasingly see ourselves as a lifestyle brand," Hugo Barra, Xiaomi's global vice president, said in March, speaking of the pending move into Western markets.
Big bets are already being laid on Xiaomi's achievement. In December, the company became the world's most valuable startup, after raising an additional $1.1 billion in venture capital funding, giving it a valuation of $45 billion. (The US-based ride-sharing startup Uber appears poised to edge ahead, along with rumors of a new funding round which could push it to a $50 billion valuation.)
Xiaomi has been when compared with Apple for its ability to captivate consumers along with well-crafted, high-quality mobile devices. Its founder and CEO Lei Jun often conveys a stage presence like Steve Jobs. And new products usually sell out within minutes associated with hitting store shelves. In April, for instance, Xiaomi in just 12 hours sold 2 million of its smartphones, which run on Google's Android operating system.
In the first quarter of this year, the company shipped 13.5 million smartphones in China, putting it in second place after Apple, which shipped 14.5 million iPhones there in the same period.
Other comparisons to Apple haven't been so kind. Critics recently called the Mi 4 smartphone a copycat of the iPhone.
Earlier this year, Xiaomi launched the Mi 4i in India with the target of becoming the No. 1 smartphone maker in that country. It had currently cracked the top five of market share in India in just a year, though it trails far behind Samsung.
While its smartphones get much of the attention, Xiaomi also sells a GoPro-like wearable camera, a MiWiFi network router and a smart television called the MiTV. The company actually sells an air purifier and blood pressure monitor.
In the US, the actual Mi Band is going to be competing against the likes of the Fitbit, the Jawbone Up, the Microsoft Band and the Apple Watch, which also incorporates activity-tracking features.
For now, the actual Mi Store will offer just a handful of items that Barra in March called Xiaomi's "hero accessories." Barra also said at the time he didn't expect Xiaomi to sell its smartphones through the US Mi Store, adding that this type of move is "nowhere close to the top of our priority for now."
Consumers thinking of purchasing products through the Mi Store should know that Xiaomi said it will ship all products from its China warehouses, which means they must clear customs. Xiaomi said it is going to make "every effort" to deliver the products in order to customers within seven business days. The company does not offer free shipping and will charge customers the price of import taxes and duties.
Xiaomi did not immediately respond to a request for comment.