Addressing a press conference at Xiaomi's headquarters in Beijing on Thursday, CEO Lei Jun said that the biggest problem for the company right now is that there are many fake Xiaomi products in the market.
"What is the biggest problem? There are many fakes," Lei said (via Bloomberg). "If there were no counterfeits, our sales would be double or triple. The product has been recognized by everyone."
According to Lei, Xiaomi sold 14.6 million units of its Mi Power Bank last year, which is less than half of the anticipated numbers. Sales of the fake battery packs took nearly $115 million of potential revenue from the company. Lei says the company must handle the difficulties produced by counterfeits as well as market perceptions that the firm is jeopardising its strategic focus by investing in small-device startups.
To remind you, Xiaomi sells three different Mi Power Bank models - 5200mAh, 10400mAh and 16000mAh. The company was found in 2010 and is now reportedly worth $45 billion.
Xiaomi in its recent Mi Festival flash sale sold 2.1 million smartphones, 38,000 televisions, and 770,000 smart devices, Lei said.
"Xiaomi has three products and these three products are the mobile phone, TV and router," Lei said. "These three types of products are our main business. We will be focused on these three products for a very long time."