Vertu, the luxury phone maker shuts down

Vertu, the luxury smartphone manufacturer is shutting down their operations in the U.s. In 2015, a Chinese holding firm acquired the company. Following this, in early 2017, a Turkish businessman, Murat Hakan Uzan acquired it for £50 million.

There are reports pointing out that Vertu was running by £128 million deficit despite the fact that it is known for making jewel-crusted and high-end smartphones. It looks like Vertu couldn't fare well lately as it started facing competition from other companies that make smartphones with precious materials. Eventually, they have decided to shut down their operations resulting in the loss of job of their 200 employees. Uzan, the Turkey-based businessman will retain the ownership of the Vertu brand, design licenses, and technology. He is currently residing in Paris. Vertu, the luxury phone brand was originally launched in 1998. Originally, it was a part of Nokia, the Finnish phone manufacturer that was dominating the market back then. Vertu is known for making smartphones with diamond, alligator leather, titanium frames, gold and sapphire screens. These smartphones are aimed at the users from the luxury or affluent class. They have always had only a limited market across the globe. The latest launch from Vertu is the Signature Touch collection ranging from $9,000 to $20,000. Besides the luxury smartphones, the company also offered concierge services 24/7 at part of the device's cost. Though the operations of Vertu are closed for now, it looks like the businessman Uzan is looking forward to revive the company in the future. However, there is no clarity on the matter for now.

Source: https://www.gizbot.com/mobile/news/vertu-luxury-smartphone-brand-shuts-down-loss-jewel-leather-phones-042565.html

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