Vertu is dead – Super luxury phone maker shuts down unable to pay bills

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It’s been a long, descending slide for cellphone maker Vertu. The organization, established by Nokia in 1998, was supposed to be a luxury phone supplier to the stars and, to some extent, it conveyed. They sold the $11,000 phones like costly watches in boutique stores in tony neighborhoods. Vertu, with its valuable metals and fine, hand-slice cowhide should keep up its luxury lead for a considerable length of time.

The historical backdrop of Vertu and be characterized as Before iPhone and After iPhone. After the cell phone started its rising extravagance wound up plainly far less vital than ease of use. Devices like the hand-made Vertu and its rival Sirin appeared to have less and less rhyme or reason, even with highlights like sapphire screens and super-secure communication systems.

At last, Vertu could just pitch phones to those for whom telephones didn’t make a difference. That audience rapidly shrunk over the previous decade.

The organization will cut 200 employments with its liquidation. Its present owner, “a Turkish exile in Paris” named Hakan Uzan, wanted to pull the company out of bankruptcy with a £1.9 million installment against a shortage of £128 million. Creditors declined the offer. Uzan says he will keep up the brand and innovation and could reconstruct the company.

The fall started a year ago. One source wrote to tech crunch that “… what went down at Vertu is a 30% willful redundancies over the entire organization, in addition to temps so really it’s more like 50%” in August 2016 and that the organization needed to go downmarket for a minute on a device “with less expensive leather on it for half the price.” It didn’t work.

Vertu’s Background:

Vertu was established in 1998 by Nokia and 90% of the organization was sold to the EQTVI in 2012 when Nokia was attempting to remain on its feet. After EQT came Chinese trust finance Goldin Holdings who sold it to the Turkish specialist back in March 2017. Hakan guaranteed to contribute a gigantic measure of money to the Vertu however that didn’t occur. Along these lines, the organization went into bankruptcy while Hakan held brand, technology, and permit, We realize that his thought was to bring TCL (current licensee of the Alcatel mark, which is by the way owned by Nokia now) to enable him to reestablish the estimation of the Vertu mark yet now it could even occur since he is free of the organization. In any case, that won’t be Vertu, handcrafted super luxurious phone with a touch of Nokia’s awesome past.

(Via)

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