Copying and distributing are prohibited without permission of the publisher
Nokia to sell Vertu phones business
08 December 2011
Nokia appoints Goldman Sachs to manage sale process for luxury phone brand Vertu
Read more:
Nokia
Vertu
Goldman Sachs
handset
luxury
Nokia has decided to sell its luxury subsidiary Vertu as part of its business revamp. The mobile phone maker has selected Goldman Sachs to manage the sale, according to the Financial Times. The value of the deal is yet to be decided upon, but observers suggest that Vertu’s annual revenue is €200-€300 million.
The news has already attracted private equity firms, says the FT, and could also catch the attention of luxury goods brands, with its emerging market customer base and cross-selling potential, according to FT. Firms will also be attracted to the luxury phone unit due to its reportedly double-digit sales growth last year.
Nokia launched Vertu in 1998 to enter the luxury goods market, and the unit has expanded into 60 countries, becoming popular in the Middle East, Asia and Russia. GTB
Further reading from Global Telecoms Business:
Nokia and Siemens pump €1bn into NSN 29 Sep 2011
Nokia 'to exit Japanese mobile market' 04 Jul 2011
Nokia launches first MeeGo phone 22 Jun 2011
Nokia CTO takes leave of absence 15 Jun 2011
Nokia chairman to leave in 2012 04 May 2011
Nokia and Microsoft sign smartphone deal 26 Apr 2011