Hoto originated from a desire for innovation in the home tools sector. Lidan Liu, the CEO and founder, transitioned from her consultancy role because she found existing tools uninteresting and overly targeted at professional users. This led to the establishment of iMonkey Technology in collaboration with Xiaomi, allowing her to produce her own line of tools marketed under the Xiaomi Mijia brand.
Liu initially faced skepticism when launching Hoto’s first product, a screwdriver set created in partnership with a German manufacturer. However, the product sold out within seconds of its launch, marking a successful start for the brand. By 2020, Hoto expanded its product range to include five Xiaomi products and its own branded tools, achieving substantial sales figures, with over 4 million Xiaomi-branded units and an additional 5 million of its own tools sold.
Conversely, another company, Fanttik, achieved recognition through strategic marketing, particularly on social media. Recent figures indicate that about 30% of its sales derive from TikTok, with its engaging content drawing millions of views. Furthermore, Fanttik employs sports sponsorships to boost brand visibility and reach, facilitating rapid growth.
Despite operating in similar markets, Hoto and Fanttik emphasize different strategies. Hoto has limited product offerings and focuses on design and quality, while Fanttik releases a broader range of tools and devices. Both companies have reportedly learned from one another despite claiming they do not compete.
Future plans for Hoto include engaging more with social media marketing. Liu acknowledges Fanttik’s effective marketing methods and expressed intentions to establish a strong marketing presence moving forward. Meanwhile, Fanttik, with a larger workforce, continues to prioritize volume and diversity in its product offerings. As both brands evolve, they are positioning themselves to make significant impacts in the home tools market.
Source: https://www.theverge.com/report/829265/hoto-fanttik-profile-origins-xiaomi-aukey-tiktok