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Apple Copycat Makes a Big Splash in China

Chinese smartphone maker Xiaomi is borrowing some tricks from Apple’s (AAPL) playbook.

Its smartphones and advertising campaigns are pretty much identical. The company even dresses its product promoters like Steve Jobs.

But such imitation can’t possibly be working right? Wrong!

The company is on track to post $2 billion in sales this year.  That might not sound like a lot, but it’s actually a big deal.

You see, according to Hans Tang of Qiming Venture Partners, “Xiaomi is probably – in the history of the VC backed companies – the fastest to hit [over] $1 billion in sales, as well as being profitable. Faster than Facebook, faster than Google, faster than Apple, faster than Microsoft.”

The question is, how far can emulating Apple ultimately take the company down the road?