Lei Jun has sent a letter to his employees, talking about the company's current status and future plans as well. In this letter, Xiaomi's CEO and co-founder admitted that the company grew too fast in the first few years, and he also said that it is crucial for them to slow down now, and improve in the areas they're currently active in. It seems like Xiaomi is aiming for slower, but constant growth, something sustainable, as they're starting to plan long-term.
Xiaomi's CEO had plenty to say in this letter, in addition to setting the revenue target for 2017. The revenue target for Xiaomi this year is $14.5 billion, and the company's CEO also said that the company had reached $1 billion in annual revenue in India for the first time ever, which is a huge step for the company. Xiaomi is still selling the vast majority of their products in China, but India is the second largest smartphone market in the world, and Xiaomi has been increasing their presence in India quite a bit, and we can expect them to push even harder in 2017. The company is also planning to open 200 more offline stores in 2017, and 1,000 more by 2020. The company's Mi Ecosystem currently counts 50 million connected devices, ranging from the company's fitness trackers all the way to their smart TVs and various other gadgets.
Now, in addition to all this, it is worth mentioning that the company's internet services revenue doubled last year, and the company had applied for over 16,000 patents globally. The company's CEO also wanted to emphasize that difficult times are behind the company, and how impressive is what they've managed to achieve thus far. Lei Jun said that Xiaomi has five focus area moving forward: technological breakthroughs, new retail strategy, globalization, artificial intelligence and internet finance. According to him, Xiaomi did great in 3 out of 5 categories already, and they need to improve in the remaining two, though he did not elaborate on that. At the end of his letter he said that sincerity and passion are Xiaomi's core values, and that they'd be nothing without those. All in all, Xiaomi is looking forward to 2017 it seems, and they have quite optimistic plans for this year.