FINNISH PHONE OUTFIT Nokia will try to sell off its overly expensive, luxury phone brand Vertu.
Nokia's gaudy range of Vertu mobile phones sell for thousands but the firm is looking to unload this relatively low volume part of its business as it tries to focus on producing Windows Phones. According to the Financial Times (FT), Nokia has appointed Goldman Sachs to oversee the sale of its UK subsidiary.
Vertu's market value is not known but the firm makes between €200m and €300m in annual sales and, according to the FT, private equity groups have expressed interest. The brand is fairly well known as a maker of expensive mobile phones and it might attract high-end 'designer' brands that want to break into the mobile phone market.
Nokia is busy trying to regain ground in the mobile phone market by pushing Windows-based smartphones, so it is little surprise that it wants to dump this low-volume business. Vertu's smartphones are known more for their high price tags and expensive construction materials rather than hardware or software, and apparently don't fit all that well with a company that's trying to show it can compete in the fast growing mainstream smartphone market. µ