World Economy

Fake Products

Fake ProductsFake Products

Xiaomi Corp., the Chinese smartphone vendor that overtook Apple Inc. and Samsung Electronics Co. in the world’s largest market, now faces another foe: counterfeiters, Bloomberg reported. Sales of the company’s Mi Power Bank battery pack for smartphones hit 14.6 million units last year, less than half what the total should have been, Chief Executive Officer Lei Jun said at a press conference at the company’s headquarters in Beijing Thursday. “What is the biggest problem? There are many fakes,” Lei said. “If there were no counterfeits, our sales would be double or triple.” Five years since its founding in 2010, Xiaomi has grown into China’s top smartphone vendor and – at $45 billion – the world’s most valuable startup.