Nokia to sell off Vertu for $265 million
Considering that cellphone maker Nokia is no longer at the top of its game, it seems to be unloading some of its financial burdens. And looks like its luxury wing, Vertu, will be one of the casualties. It has been reportedly put on sale for $265 million after being advised by Goldman Sachs. The new owners might be private equity group Permira. These luxury phones are handmade in England and sport bodies cast out of materials including stainless steel, carbon fiber, and titanium which are further enhanced with exotic leathers such as calf, ostrich, and alligator and precious metals and stones like gold, platinum, rubies and diamonds. They feature special ringtones created by London Symphony Orchestra makes and sports sapphire-crystal display.
Apart from the phones, the company provides services such as a 24/7 concierge service, city guidebooks for the jetsetters, automatic data backups, and two complimentary repairs per year. Vertu started operations in 1998 and has 600 employees.
According to the Financial Times it is not the technology but the brand name ‘Vertu’ which holds a very high repute amongst the elite circles makes it an attractive buy for Permia which also have Hugo Boss and Valentino in its portfolio.