It has been a long tough time for luxury phone maker Vertu, and it looks like the company is almost done.
Started by Nokia back in 1998, the company was focused on making luxury phones, encased in the most expensive materials. It sold well at first, like expensive watches in boutique stores. However, people stopped buying a $11,000 phone.
The descent of Vertu began once smartphones came up, which resulted in luxury being less important than usability. Devices like Vertu and Sirin seemed to make less sense with the rise of smartphones, even with features like sapphire screens and super-secure communication systems.
According to reports, the company will cut 200 jobs with its liquidation. Its current owner, “a Turkish exile in Paris” named Hakan Uzan, wanted to pull the company out of bankruptcy with a £1.9 million payment against a deficit of £128 million. Creditors refused the offer. Uzan says he will maintain the brand and technology and could rebuild the company.
It was a good run Vertu, let us hope you come back strong.