Chinese tech manufacturer Xiaomi currently seems to be on a roll in regards to innovation. Having already offered affordable smartphones, smart TV, wearable devices, camera and gaming products, the company, famed for producing the Mi brand products, is currently working on affordable smart shoes.

According to IB Times, Xiaomi has teamed up with Li Ning, a leading China-based sports merchandise manufacturer, to produce the smart shoes.

Li Ning, a retired gymnast, said that the joint venture with Huami Technology, the fitness wearable company manufacturing the Mi band and a part of the Xiaomi enterprise, is the first of its kind to tie-up sports and "smart" technology in China.

A statement issued by Ning on Monday read, "We have chosen to collaborate with the Mi band because of Huami Technology's strength in 'smart' wearable products." It went on to read, "We hope to use this opportunity to provide professional 'smart' running shoes to running enthusiasts in China an affordable price."

The report says that the Xiaomi Smartshoes will use superior quality running shoes and install smart chips on their soles. The smartshoes will focus on running and will be linked to a dedicated app, which will enable the sprinters to follow their progress as well as results, evaluate their form, and keep an eye on their achievements. The dedicated app will be developed by Xiaomi, while the running shoes will be made by Li Ning.

According to tech experts, Xiaomi will be accomplishing yet another milestone in the consumer technology industry if it succeeds in offering the smartshoes at an affordable price. In addition, Xiaomi will also be the first smartphone company to venture into the smartshoes market.