Luxury phone maker Vertu throws in the towel

By Shawn Knight ยท 8 replies
Jul 14, 2017
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  1. Vertu’s tumultuous 2017 has come to an end. Just two weeks after rumors surfaced suggesting the luxury mobile phone maker was in financial trouble, word has come down the pipe that Vertu has indeed folded.

    The Financial Times is reporting that the handset maker was facing 138 million pounds in debt (around $178 million). Owner Murat Hakan Uzan was apparently only able to come up with 1.9 million pounds to cover the debt – a drop in the bucket compared to what was owned. As a result, the manufacturing arm of Vertu will be liquidating and nearly 200 people will be out of a job.

    Things have come to an end rather rapidly it seems. On June 20, Vertu signed a $40 million deal with Chinese electronics maker TCL that would have supplied the company with the hardware to handcraft 30,000 Vertu phones.

    Vertu has captured headlines over the years for its lavish, only-for-the-one-percent creations built using premium materials like sapphire crystal glass, ostrich leather and Grade 5 titanium. It wasn’t uncommon to see a Vertu phone carry a price tag of $6,000 with some models costing upwards of 20 grand.

    In March, Uzan purchased the luxury brand for around $61 million.

    Word on the street is that Uzan will retain ownership of Vertu’s brand, technology and design licenses with plans to resurrect the company in the future.

    Permalink to story.

  2. hahahanoobs

    hahahanoobs TS Evangelist Posts: 2,187   +735

    At a quick glance, there is nothing luxurious about the size of those top and bottom bezels.
    Reehahs and Nobina like this.
  3. VitalyT

    VitalyT Russ-Puss Posts: 3,873   +2,221

    Too expensive for an average user, and too cheap for Emirates who expect nothing short of rose gold, with plethora of diamonds and a price of 100k upwards, or it's a no go.
    Reehahs and hahahanoobs like this.
  4. Nobina

    Nobina TS Evangelist Posts: 1,454   +929

    It was DOA. There is nothing that makes this phone better than the rest, except if you somehow like this abomination of a design. Then they charge a couple of thousand for it and make Apple look like babies.
    hahahanoobs likes this.
  5. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 8,647   +3,278

    I thought the article headline was referring to Vertu throwing in a physical towel with their gadgets for the fools (who blatantly, but deservedly got ripped off) to help keep their 'overpriced indulgences' clean and smudge free.
    Goodbye Vertu, you won't be missed by very many and I'm sure there will be others queuing up to take your place but you sure proved those age old sayings of "a fool and their money" and " there's one born every minute" to be absolutely true.
  6. Uncle Al

    Uncle Al TS Evangelist Posts: 3,944   +2,430

    Sung to the tune "Another one bites the dust" .......
  7. MilwaukeeMike

    MilwaukeeMike TS Evangelist Posts: 2,947   +1,256

    Well - obviously not or they wouldn't have had any trouble selling their $6,000 phones.
  8. hahahanoobs

    hahahanoobs TS Evangelist Posts: 2,187   +735

    I think you nailed it.
  9. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 8,647   +3,278

    Well if they had no problems selling their devices, why have they closed their doors then?

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