Forget Apple. Xiaomi CEO Now Wants to Be More Like Costco
- Lei Jun draws comparision to U.S. warehouse retailer
- Chinese company targets $15 billion in sales with new model
Xiaomi Wants to Be More Like Costco
Xiaomi Corp. says it’s misunderstood. Once compared with Apple Inc. for its sleek smartphones and charismatic leadership, the Chinese startup is seeking an image makeover as it tries to recover from a sales-growth slide.
And the brand its billionaire co-founder Lei Jun wants to be compared with: Costco Wholesale Corp., the Issaquah, Washington-based warehouse retailer that sells everything from wine and diamond rings to bulging boxes of cereal and fruit at knockdown prices. Xiaomi’s revenue will probably reach $15 billion this year as the Beijing-based maker of products ranging from pens and air purifiers to TVs and smartphones adopts a new business model and fine-tunes operations, Lei, 47, said in a recent interview.