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Luxury phone maker Vertu is shutting down

By Kenny Yeo - on 14 Jul 2017, 10:29am

Luxury phone maker Vertu is shutting down

(Image source: Vertu)

Whenever I walk past the Vertu boutique and gaze inside at its emptiness, I wonder to myself, "Who buys S$20,000 phones?"

The answer, apparently, is no one. 

The company has announced that it will be ceasing operations after plans to save it from administration have failed. 

Vertu offered to paid creditors just £1.9 million (S$3.38 million) of the firm’s £128 million debt (S$228 million). 

Reports also say that some 200 jobs are expected to be lost.

Vertu was founded in 1998 and has catered exclusively to the hyper rich. The wealthy can buy into its mid-range "Aster" collection from S$9,000 onwards, while phones from its "Signature Touch" collection start from S$14,500. 

But for the ultra elite, only phones from Vertu's flagship "Signature" collection will do. These begin at around S$20,000 and can go up to as high as S$72,000 if you opt for one with a gold case with fancy Clous De Paris finishing.

Vertu was earlier sold to Turkish businessman Murat Hakan Uzan for £50 million (S$89 million) earlier this year. Reports say the Uzan intends to retain Vertu's branding and technology and will look for ways to rebuild the brand.

Source: Engadget

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