Vertu has announced the company has gone into liquidation
High end luxury phone brand Vertu has announced the company has gone into liquidation, with 200 employees set to lose their jobs. The owner of British luxury phone maker Vertu has failed to rescue the company from bankruptcy.
Sadly, now the days are numbered for the luxury company and around 200 employees will lose their jobs in the liquidation process. The company was acquired by a Turkish exile in Paris, Hakan Uzan in March. He had planned on paying £1.9m to pull the company out of administration however, the plan failed due to a deficit of £128m.
Nokia established the exclusive mobile brand in 1998 to produce handsets for the rich and famous. It was sold in 2012 to private equity company EQT, then in 2015 to Chinese company Godin Holdings. Hazan’s purchase of the firm in 2016 looks like it might be the last time the Vertu brand changes hands.
Their phones were priced from £4,000 to well over £10,000 and were constructed from high-end materials including pure gold, hand cut leather, and jewels such as sapphire. Initially, the phone company saw huge success with the brands target consumer until the nature of the game changed. With the incredible rise of smartphone culture, and notably the I-Phone, customers wanted something user-friendly and followed the crowds.
As well as the rise of smartphone culture, the downfall of Vertu is also attributed to the success of rival companies such as Brikk and Goldgenie, who offer to personalize your existing device with lavish diamonds and 18k pink gold!