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Coolpad’s ivvi targets high-end buyers
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COOLPAD Group yesterday said it has set up a 1 billion yuan (US$163 million) subsidiary to operate its new smartphone brand, ivvi, for higher-end models.
Coolpad, whose sales used to be heavily reliant on telecom carriers, is seeking new sales and revenue engines after China Mobile and China Unicom cut subsidy spending on handsets.
“Consumer business targeting the fashion-conscious people will be another business pillar after e-commerce and carrier business,” said Guo Deying, Coolpad’s chairman.
Coolpad and two Coolpad senior executives invested 1 billion yuan to establish a new subsidiary for the ivvi brand and consumer business.
Coolpad expects sales of the new business to hit 10 million units in three years with revenue of 10-15 billion yuan, Guo said.
By the third quarter, Coolpad had 9 percent of domestic smartphone market, ranked No. 4 behind Samsung, Xiaomi and Lenovo. Coolpad’s average price was 725 yuan, far behind rivals like Huawei at 1,119 yuan, Xiaomi at 1,194 yuan and Samsung of 2,223 yuan, according to research firm GFK.
Also yesterday, Coolpad launched a 1,799 yuan smartphone K1 under the new subsidiary. It has a 5-inch display, super-thin design and photo editing functions. “Coolpad won’t do models below 1,000 yuan in the long term,” said Frank Zhang, Coolpad’s president, adding that the company would instead focus on price segments of 1,000, 2,000 and 4,000 yuan.
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