One of China's leading smartphone makers Xiaomi might consider an initial public offering (IPO) in 2025, Lei Jun, the company's founder and chief executive, said on Tuesday. The announcement comes as the company attempts to establish more physical retail stores and new lineups.

"When I founded Xiaomi in 2010, I knew clearly that it would take 15 years for Xiaomi to go public, because the company's business model is too complicated and consumers need time to cultivate belief in our products," he said at the ongoing 2016 Tianjin Summer Davos.

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Dubbed as "China's Apple," the $45 million firm continued to brush off IPO rumors and said going public is unlikely to happen anytime soon.

"I believe we needed fifteen years at least for an IPO," Jun said. "We believe Xiaomi needs to be trusted by consumers from the bottom of their heart."

According to Tech in Asia, Lei wants to follow Japanese retail chain Muji, which offers a wide range of household products. Recently, Xiaomi has expanded its business from selling its smartphones to establishing Xiaomi "ecosystem," with products ranging from smart rice cookers, smart lamps, drones, air purifiers, and TVs - to name a few.

However, in the recent months, the Beijing-based company has seen slumping sales, with just 22.8 percent growth in global shipments in 2015 compared to the near triple percentage growth over the previous years. 

In addition, the handset maker is now attempting to move out of its Chinese comfort zone, as it recently launched products in Brazil and India.

TagsXiaomi, smartphone maker, China Apple, Lei Jun, IPO