If you’re a fan of Vertu, say goodbye to the luxury brand that made you dream of becoming rich and famous. So you may only be wishing for a Vertu smartphone but those who actually bought from the company will be disappointed to know that it will be liquidated soon. This British brand will have to say goodbye because it failed to save the business. We don’t know what happened really but it made a deal with TCL last month to hopefully expand product availability.
The company was facing financial difficulties despite the fact that it’s selling luxury handsets. They are more than just bejeweled phone with synthetic gems. They’re designed with real jewels and diamonds with some gold trimmings and leather cases. It looks like business isn’t doing that good as expected. Phone usually starts at £11,100 and can go as high as £39,100.
The Nokia-founded brand was owned by a Chinese business man who sold the company to a Paris-based Turkish man named Hazan Uzan last March. Uzan is retaining the Vertu name, licenses, and technology but will have to make further and rather disappointing adjustments. No thanks to administration problem and accounting deficit.
The new owner bought the company for 1.9 million GBP (about $2.46 million) but unfortunately came with a 128 million GBP ($166 million) accounting deficit. This is a big problem and because of the deficit, all of the company’s 200 employees will have to go. We don’t know what will happen then to the brand but maybe someday, Vertu will be given a new lease on life.
VIA: BBC
