China-based telecom equipment vendor ZTE plans to set up 23 flagship retail stores around the world by the end of 2016, 20 in major cities of China and one each in Germany, Russia and Mexico, according to the company's Mobile Device CEO Adam Zeng.

The store will promote sales of ZTE smartphones and consumer networking/communication devices, Zeng said.

ZTE sold 56 million smartphones globally in 2015 and aims to sell 70 million units in 2016. According to IDC, ZTE was globally the sixth-largest smartphone vendor with a market share of 3.4% in the first quarter of 2016.