Luxury phone brand Vertu shuts down

Media playback is unsupported on your device                  Media captionWATCH Luxury phone-maker Vertu collapses

Media playback is unsupported on your device Media captionWATCH Luxury phone-maker Vertu collapses

Its old owner - Hong Kong hedge fund manager Gary Chen - claimed that he still hasn't received the £50 million ($61 million) he was supposed to get for selling the company to businessman Hakan Uzan back in March. Nokia founded it in 1998, and the company had been handed down from multiple ownerships since.

Almost 200 jobs would be affected by the company's liquidation.

Vertu's Signature range started at Rs 9,19,000 (£11,100).

A report from The Daily Telegraph stated that Uzan planned to pay £1.9 million to bring the company out of administration, but it had an accounting deficit of £128 million. The phones have included models coated in expensive leathers, built from premium metals, and even included buttons made from precious jewels, all contributing toward that high price point. As with many other luxury product manufacturers, Vertu was aiming its offerings at people leading a particular lifestyle and was also providing related services, including a now-discontinued concierge one.

United Kingdom smartphone firm Vertu, which made luxury handsets worth thousands of pounds, has gone bankrupt after piling up debts of £128 million ($165 million).

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Vertu designed and decorated the devices in accordance with their own wish and liking. As Uzan still has the design and technology licenses, we can see Vertu-branded smartphones produced from TCL factories, Android Police says.

Vertu was bound to fall and it has.

While the world was witnessing technological advancement at a mind-blowing pace, Vertu was still stranded serving its bourgeoisie clientele, which has decreased by a significant margin since mobile phones could do more than just call and send a text message.

Things have come to an end rather rapidly it seems.

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