Xiaomi's Lei Jun speaks in a product launch in Beijing. (Photo : Getty Images/VCG / Stringer)
Xiaomi's Mi Band 2 is creating attention in North Korea. This signifies that the socialist country has an upper class that has sophisticated tastes.
Many Korean buyers flocked to purchase the wearable wristband that sells for $35 compared to the selling price in China which is $22.36 at Pyongyang's international trade exhibition.
"The people of (North Korea) are pursuing high-quality life as much as anywhere else in the world," said Gong Yunhong, a salesperson running the booth selling Xiaomi's bracelet.
Gong was referring to the upper classes of the growing unofficial economy. These people are also referred to as "masters of money" or "donju".
Many state-owned enterprises are trying to get sales from the donju but the upper class would prefer to buy Chinese products which are cheap and easier to buy.
Xiaomi has been struggling in the local Chinese market recently and is searching for markets outside the country. In June, the Chinese manufacturer made a partnership with Microsoft.
The partnership with Microsoft will enable the Xiaomi to sell phones installed with Microsoft applications.
Xiang Wang, a senior vice president at Xiaomi, said in a statement, "We are excited to be working closely with Microsoft on a broad technology collaboration partnership. As demonstrated by this agreement with Microsoft, Xiaomi is looking to build sustainable, long-term partnerships with global technology leaders, with the ultimate goal of bringing the best user experience to our Mi fans."
Microsoft then released a statement that said, "This agreement reflects the deep respect Xiaomi and Microsoft have for intellectual property rights. The companies are committed to a healthy patent system and standing against the abusive practices we've seen at times in our industry."
Xiaomi is reported to be looking into sales outside developing markets.
