Nokia to Sell Vertu Luxury Phone Brand

Nokia is beginning to streamline itself in its bid to become a worthy competitor to Apple and Android, starting with its plan to sell off its luxury phone brand Vertu.

Started by Nokia in 1998, Vertu has been repeatedly panned for offering phones with backward specs at expensive prices. What makes Vertu phones cost even more than a Ferrari sports car is its line of exclusive services, such as a “concierge” button that connects owners to a team of personal assistants who are willing to make arrangements and reservations on their behalf.

Despite its criticisms, Vertu actually turned out to be a profitable brand for Nokia, with annual revenues estimated between $268 million and $402 million. Vertu handsets are available in over 60 countries, some with dedicated stores.

According to Financial Times, Nokia has appointed Goldman Sachs to oversee the sale of Vertu, which may earn the interest of private equity firms and other luxury companies.

Source: Financial Times, via TechCrunch

Comments