James Delahunty
8 Dec 2011 10:27
Nokia to sell Vertu luxury phone business.
Nokia's Vertu sells high-end mobile phones for those who can afford to pay thousands for their handsets. Manufactured by hand in the UK, Vertu handsets use precious metals in their design, such as gold, sapphire (used for screen) and rubies. Even the lowest price handsets would still cost about $7,000.
According to a Financial Times report, Goldman Sachs has been appointed to oversee a sell-off as Nokia continues a process or re-shaping its global business. The report estimates that Vertu's annual revenue falls somewhere between €200 million and €300 million.
Vertu handsets came with a round-the-clock concierge service, with staff available constantly by just using a button on the side of the device.
The business is far from Nokia's core business, and now with Nokia's Microsoft partnership kicking in to gear, Nokia is disposing of peripheral businesses.