Luxury phone brand Vertu shuts down

Sleep better with your faith in humanity restored

Bankrupt British luxury phone brand Vertu has breathed its last breath.

Currently in debt of over £128 million (RM720 million), the Vertu owners’ plan to rescue the brand by paying its creditors just £1.9 million has backfired. As a result, all its manufacturing operations shut down and 200 jobs lost.

In case you aren’t familiar, Vertu are a high-end luxury phone brand making phones than can go up to £30,000 (RM156,000). They’re lined with special kinds of leather, exquisite metals and plenty of jewels to rack up the prices, and earn the title of the most expensive phone brand. Frankly put, we’re not too sympathetic of Vertu’s closure – a RM150,000 phone with mid-ranged specs and some ostrich leather doesn't sound like the way to go today. We can sleep better knowing such extravagance isn’t taking off.

This won’t be the last we hear of Vertu though. Their owners have voiced their intent to retain Vertu’s technology, branding and licenses to hopefully resurrect the company in a few years. 

[Source: the Verge]