Nokia to sell luxury division VERTU
Vertu, the luxury mobile phone division of the Finnish manufacturer Nokia, will be sold to allow the parent company to compete with Apple and other manufacturers of smartphones.
The supervision of the Vertu sale was entrusted to Goldman Sachs, but the transaction is still in an early stage.
Given that the main Vertu customers come from emerging markets, luxury groups may be interested in the takeove.
Established in 1998, Vertu has become one of the leading players in the niche luxury mobile phones. Vertu products are hand made with precious materials and feature non-stop concierge assistance. Although technology is not the main advantage of Vertu mobile devices, the luxury phones are appreciated for additional services, a constant value and as a tool for displaying the status. The biggest success was recorded by Vertu markets in Asia, Russia and the Middle East.