Nokia reported to be selling off luxury arm

Vertu smartphones: Nokia reported to be considering selling off its  luxury subsidiary
Vertu smartphones: Nokia reported to be considering selling off its luxury subsidiary

Nokia is planning to sell off its luxury subsidiary Vertu, in a bid to better compete with Apple and other handset manufacturers, according to reports.

According to a report in the Financial Times, the Finnish handset manufacturer has appointed Goldman Sachs to sell off the UK subsidiary, which makes luxury handmade phones.

A value has not been given to Vertu, but the company is reported to make annual revenues of between €200m (£170m) and €300m (£246).

Vertu phones are sold in the UK in Selfridges and Harrods, and at a boutique on Bond Street, London.

The most expensive handset it offers in the UK is its top-of-the-range Signature brand, which is diamond-encrusted and is priced at £59,000 and includes a concierge service, which can book restaurants for users at the touch of a button.

Nokia's overhaul of the business comes as the company attempts to catch up with competitors in the smartphone war.

Earlier this year, it struck a strategic partnership with Microsoft and recently launched two smartphones running on the Windows operating system.

Nokia did not respond to a request for comment at the time of publishing.

Follow Sarah Shearman on Twitter @Shearmans


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