Friday, 14 July 2017
Luxury phone maker Vertu is closing down operations
Vertu, a brand known for its luxury and hefty priced smartphone is shutting down its operations in the UK. The company was established by Nokia in 1998 and was sold to Swedish equity group EQT VI back in 2001. It was then sold to Godin Holding in 2015, and earlier this year in March Vertu was acquired by Turkish businessman Murat Hakan Uzan.
Vertu's devices offered a premium experience and was aimed at very rich people, so only a small number of units were manufactured. The phones were made of luxury materials like sapphire screens, titanium frames, gold, alligator, leather and diamond. The brand's phone carried hefty price tag between $9000 and $20000. The company also offered a 24×7 concierge services for assistant as part of the handset’s price.
It is being said that Vertu was faced by financial difficulties and running on a deficit of £128 million. As a result of the shutdown, a total of 200 employees have lost their jobs. Uzan will retain ownership of Vertu's brand technology and design licenses, and reportedly wants to revive the brand sometime in the future.
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Indeed! It is very sad news. We wish them best of luck.
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