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Confirmed: Nokia is selling luxury phone brand Vertu

08 December 2011
Tags: Nokia

As Nokia attempts a complete company restructure, many things are bound to change. We've heard rumors about the possibility that they might sell off their Vertu luxury brand but only now do we have some trustworthy sources to confirm it. To be more exact, the Financial Times is the one with the sources which are believed to be ''familiar with the process" and which disclosed that Goldman Sachs is the one overseeing the sale which is at the very beginning.

Confirmed: Nokia is selling luxury phone brand Vertu

Reportedly, there are a number of private equity groups and luxury goods brands which are interested in making a bid for Vertu. And why wouldn't they? Vertu's performance is quite decent, managing to achieve double figure growth in 2010 and it is now estimated that their annual revenue is somewhere between $210 and $280 million.

It's obvious that Nokia's current strategy doesn't have room for a luxury branch and that someone will definitely take advantage. If Vertu was to receive a serious boost in areas such as hardware and software, while keeping the current luxury materials that will keep the prestige status, this luxury brand could turn into something really profitable.






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