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Nokia to get rid of their Vertu division

Nokia to get rid of their luxury-focused Vertu brand

| Business, Financial & Legal News | Posted: May 2, 2012 1:29 am

Nokia currently owns the luxury-focused brand 'Vertu', but with their recent financial troubles are looking to get rid of the brand. Permira, a private equity group who also owns big fashion brands such as New Look, Hugo Boss and Valentino are expected to acquire Vertu, in a deal worth approximately $265 million.

 

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Goldman Sachs have been advising Nokia on how to get out of their current financial problems, where last week Nokia announced a Q1 operating loss of just under $2 billion, which was then followed by credit rating downgrades by both Fitch and Standard & Poor. Nokia are pinning hopes on future with Microsoft and Windows Phone, as well as lowering costs by relocating factories to the Far East.

 

Vertu is a UK-based company that was set up in 1998 to create prestige phones fit for the super rich who are after top end designer brands. Vertu phones are hand fabricated using precious metals, gems and other artisan materials. Phones can be upward of a quarter million dollars, which is a little out of reach of say an iPhone, or similar.

NEWS SOURCES:Hexus.net

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