China’s Xiaomi aims to double smart home device sales this year to $1.54 billion

Redmi Note 3 smartphones by Xiaomi are seen during a launching ceremony in Hong Kong, China March 21, 2016.

Reuters/Bobby Yip

Chinese smartphone maker Xiaomi Inc [XTC.UL] aims to double sales of smart home technology devices like rice cookers and air purifiers this year, the company’s vice president said on Thursday, as it accelerates diversification of business lines to cope with the saturation of smartphones at home and abroad.

Xiaomi expects sales of smart home devices to reach 10 billion yuan ($1.54 billion) this year, up from 5 billion yuan a year ago, said the company’s vice president Liu De, speaking to reporters at the Global Mobile Internet Conference in Beijing.

Liu also said the company, previously known for its online-focus sales model, plans to raise the number of its bricks-and-mortar retail stores in China to 60.

Xiaomi was ranked fifth in global smartphone shipment in the first quarter of 2016, according to research firm TrendForce.

(Reporting by Beijing Newsroom; Writing by Yimou Lee; Editing by Kenneth Maxwell)