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First, it conquered India. Now, it wants to win over Europe.
Chinese smartphone maker Xiaomi is making an aggressive play for European markets like France, Italy and Spain. The expansion comes ahead of the company's highly anticipated IPO, which is expected to raise billions of dollars this summer.
Xiaomi is best known for selling cheap, high performance smartphones. The bulk of its sales — more than 70% — are in China. But it has made inroads in other Asian countries, recently overtaking global leader Samsung to become the top smartphone seller in India.
Now, the Chinese company is looking to repeat that success in the more mature markets of Europe, and it's off to a strong start.
Xiaomi is currently the fourth largest smartphone company in Europe, behind Samsung (SSNLF), Apple (AAPL) and Chinese rival Huawei, according to research firms IDC and Canalys. It's competing strongly in Spain, Greece and Russia.
Impressive growth
Francisco Jeronimo, a London-based analyst with IDC, said the buzz surrounding Xiaomi in Europe reminds him of the early success of the iPhone.
"I haven't seen any other vendor able to attract and push demand from consumers directly like Xiaomi is doing now and Apple did in the past," he said.
Xiaomi is riding the momentum, launching in France and Italy with splashy new stores in Paris and Milan late last month.