Chinese telecom equipment company ZTE to open stores in China, Europe, Mexico

In a bid to boost its phone sales, Chinese multinational telecommunications equipment and systems company ZTE Corporation has announced the opening of 23 stores across China and Europe in 2016.

The stores will be mostly located in China, Germany and Mexico.

"The stores will help us lift brand awareness while spurring sales in the areas we value the most," the company told Bloomberg in an interview.

ZTE's newest smartphone, the flagship Axon 7, was announced this week and it's coming to the US next month, the Verge reports.

The Axon 7, which is expected to compete with Apple's iPhone 6s and Samsung's Galaxy S7, will cost $449 in the US and Euro 409 in Europe.

Headquartered in Guangdong, China, ZTE operates in three business units - Carrier Networks (54%)-Terminals (29%)-Telecommunication (17%). ZTE's core products are wireless, exchange, access, optical transmission and data telecommunications gear, mobile phones and telecommunications software.

It also offers products that provide value-added services such as video on demand and streaming media. ZTE primarily sells products under its own name but it is also an OEM. ZTE, which is one of the top five largest smartphone manufacturers in its home market, figures in the top ten worldwide.