Xiaomi’s global expansion has begun and its stake for it it’s enormous: the Chinese manufacturer wants to reach as many potential customers as possible across the globe. To do so, the company has secured a $1 billion loan.

It comes from a total of 18 banks from Europe, the Middle East, China, Taiwan and India. The term of the loan is three years and the coordination of its payment is entrusted to Deutsche Bank and Morgan Stanley.

The huge amount will be used for opening dozens of new physical stores around the world. The goal is to build a retail network that works both online and offline. For the second quarter of the year, Xiaomi sold 23.1 million phones, up 70 percent from the same period last year.

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The company is already present in the United States and Europe, where it also offers tablets, routers, rechargeable batteries, household appliances, fitness trackers. Xiaomi has about 149 Mi Home stores in China, while it has opened its first in India, where it hopes to reach 100 stores over the next two years.

https://i0.wp.com/gizbrain.com/wp-content/uploads/2017/07/xiaomi-store.jpg?fit=1000%2C563https://i0.wp.com/gizbrain.com/wp-content/uploads/2017/07/xiaomi-store.jpg?fit=210%2C118Linda MorrisTECH NEWSXIAOMIxiaomiXiaomi's global expansion has begun and its stake for it it's enormous: the Chinese manufacturer wants to reach as many potential customers as possible across the globe. To do so, the company has secured a $1 billion loan. It comes from a total of 18 banks from Europe, the Middle...