Xiaomi to Spin Off Low-Cost Brand
Xiaomi Corp. will spin off its low-cost Redmi brand on Thursday, continuing its strategy of developing multiple specialized brands to offset slowing sales growth.
The move, announced on its official website (link in Chinese), will be accompanied by a new Redmi model to be unveiled at 2 p.m. China Standard Time.
The world’s fourth-largest smartphone-maker has adopted a multibrand strategy since last year in a bid to reach out to more user segments amid slowing smartphone sales worldwide.
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